Meesho’s E-commerce Management Changes
E-commerce marketplace Meesho has announced updates in its senior management, as detailed in regulatory filings with stock exchanges. The company has confirmed that Milan Partani, who previously held the position of General Manager User Growth and Content Commerce, has been promoted to General Manager Commerce Platform, effective from January 7. He will remain classified as a Senior Management Personnel.
In a separate announcement, Megha Agarwal, who served as General Manager Business and a Senior Management Personnel, has resigned from the company, effective the same date. This news emerges shortly after Meesho made its stock market debut, where it was listed at a remarkable 46 percent premium over its issue price of Rs 111, opening at Rs 162.5 on the NSE and Rs 161.2 on the BSE.
Meesho’s IPO, amounting to Rs 5,421 crore, comprised a fresh issue of Rs 4,250 crore and an offer for sale of Rs 1,171 crore. Prior to the public issue, the company had successfully raised Rs 2,440 crore from anchor investors.
During the last fiscal year, Meesho reported a revenue of Rs 9,390 crore, while losses before exceptional items and tax reached Rs 108 crore. For the first half of the current fiscal year, the company’s revenue has been recorded at Rs 5,577 crore, as outlined in the disclosures included in its IPO filings.
As of the conclusion of Wednesday’s trading session, Meesho’s shares were valued at Rs 173.13, which gives the company a market capitalization of Rs 78,141.69 crore ($8.68 billion).
