Date: December 3, 2025
For years, the “cool” kids of the Indian startup world were the ones delivering sushi in 10 minutes or selling premium credit card rewards. Meesho was different. They sold unbranded kurtis and kitchen tools to your auntie in Tier-2 cities.
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Critics called it “low margin.” Investors called it “risky.”
But today, as Meesho’s IPO subscription numbers started rolling in, the “uncool” startup is having the last laugh.
The “Oversubscribed” Frenzy
The markets opened this morning, and the retail investors went absolutely wild.
While the “suits” (Qualified Institutional Buyers) are taking their time, the Retail Portion was subscribed over 4 times (4.04x) on Day 1 itself.
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Why is this shocking? Because in a year where many high-profile tech IPOs struggled to get regular people excited, Meesho has seen a flood of small investors. The Grey Market Premium (GMP) is already sitting at a healthy ~45%, signaling that people expect a massive pop on listing day.
The “Zero Commission” Gamble That Paid Off
Remember when Meesho announced they would charge sellers 0% commission? Industry experts said it was suicide. They asked, “How will they ever make money?”
Today’s IPO documents proved the doubters wrong.
- The Secret Revenue Engine: They don’t tax the seller; they tax the visibility. Sellers pay for ads to rank higher on the app.
- The Logistics Win: Their in-house logistics layer, Valmo, has become a beast, reducing costs by aggregating local courier partners rather than owning thousands of trucks.
They basically built a “toll road” for small-town commerce, and now they are collecting the toll.
Bharat vs. India
This IPO is more than just a stock listing; it’s a victory for the “Bharat” thesis.
While Amazon and Flipkart were fighting over the top 50 million rich Indians in metro cities, Meesho quietly captured the next 500 million.
- 88% of their customers are from outside the top 8 cities.
- They proved you don’t need to sell iPhones to build a unicorn; you can build an empire by selling ₹300 sarees to homemakers in Jaipur, Indore, and Guwahati.
What This Means for Founders
The lesson here is simple: You don’t need to be “sexy” to be successful.
While other founders were chasing the latest AI trend or Web3 hype, Meesho’s founders (Vidit Aatrey and Sanjeev Barnwal) focused on unglamorous, boring execution—logistics, supplier relations, and vernacular apps.
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The Verdict:
The “Amazon of Bharat” has officially arrived. If you skipped applying for this IPO, you might be kicking yourself when the listing bell rings next week.
Did you apply for the Meesho IPO, or are you sitting this one out?