Meesho Receives NCLT Approval to Shift Base to India Ahead of IPO

Meesho, the Bengaluru-based e-commerce startup, has taken a major step towards its initial public offering (IPO) by securing approval from the National Company Law Tribunal (NCLT) to relocate its headquarters from Delaware, United States, back to India. This move, part of its ongoing restructuring, is aimed at aligning its legal base with its operational footprint and meeting regulatory requirements for listing on Indian stock exchanges.

NCLT Clearance Clears Path for Redomiciling

According to regulatory filings, the NCLT has approved Meesho’s proposal to demerge from its US-based entity and merge with the Indian arm. This legal clearance effectively allows the company to complete its redomiciling process, which is considered essential for it to go public in India.

In its early stages, particularly around 2017, Meesho was required by early investor Y Combinator to expand outside India to ease access to global capital. However, as per Moneycontrol, Meesho began reversing that structure in 2024 in preparation for an IPO. The tribunal’s order noted: “In view of the above discussion, we conclude that the objections/observations to the scheme received from (the Registrar of Companies/Regional Director) RoC/RD and Income Tax Department have been adequately explained by the petitioner (Meesho) companies and hence there is no impediment in approval of the scheme.”

IPO Plans and Strategic Realignment

With the tribunal’s green light, Meesho is now expected to file its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) in the coming weeks, as reported by Moneycontrol. The company plans to go public around Diwali this year, aiming to raise up to $1 billion at a valuation of approximately $10 billion.

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Conclusion

By securing NCLT approval to shift its headquarters back to India, Meesho has cleared a critical hurdle in its IPO journey. The move not only complies with local listing regulations but also reinforces its long-term commitment to India as its primary market and growth driver.

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