Meesho restructures board to tighten control ahead of $1 billion IPO
In a strategic move seen often in pre-IPO plays, the company has restructured its board to consolidate control with its largest investors while dialing back representation from shareholders with relatively smaller stakes.
ADVERTISEMENT
E-commerce unicorn Meesho is quietly recalibrating its corporate governance as it inches closer to a blockbuster IPO that could value the company at nearly $10 billion. In a strategic move seen often in pre-IPO plays, the company has restructured its board to consolidate control with its largest investors while dialing back representation from shareholders with relatively smaller stakes, Moneycontrol reported.
As reported by Moneycontrol, SoftBank and Prosus, who collectively hold around 22% in Meesho, have stepped down from board positions, making way for a leaner, more IPO-ready leadership structure. The shift gives more decision-making heft to Elevation Capital and Peak XV Partners, Meesho’s two largest backers, holding 13.5% and 12.5% stakes respectively. Their board representatives, Mukul Arora and Mohit Bhatnagar, continue to have a seat at the table.
Board exits include Sarthak Misra of SoftBank and Ashutosh Sharma of Prosus Ventures, a common pattern in SoftBank-backed firms approaching IPOs, as the firm typically avoids promoter classification or lock-in restrictions post-listing. Veteran board member Kalpana Morparia has also exited, replaced by former Pepsico and Kimberly-Clark executive Kimsuka Narasimhan.
Meesho’s newly structured board now includes eight members, founders Vidit Aatrey and Sanjeev Barnwal, Elevation’s Arora, Peak XV’s Bhatnagar, Narasimhan, Jubilant Bhartia Group’s Hari Bhartia, PhonePe’s Rohit Bhagat and Ema AI CEO Surojit Chatterjee.
The rejig comes just days after Meesho completed its high-stakes flip back to India from its previous U.S. domicile, a move that involved a hefty $288 million tax payout but signals the startup’s commitment to list domestically.
