Fidelity Monetises Meesho Investment with ₹988 Crore Share Sale

Global investment firm Fidelity Investments has pared its holding in e-commerce marketplace Meesho, selling a 1.3 per cent stake worth nearly ₹988 crore through open market transactions on Wednesday.

According to bulk deal data available on the National Stock Exchange (NSE), Fidelity Investments' affiliates FID FDI 2117 LLC and FID FDI 312 LLC collectively sold 5,98,16,300 shares of the Bengaluru-based company, representing a 1.31 per cent stake.

The shares were offloaded at prices ranging between ₹165.18 and ₹165.21 apiece, resulting in a total transaction value of ₹988.15 crore.

Shareholding data filed with the BSE showed that FID FDI 312 LLC held a 1.13 per cent stake in Meesho at the end of the March quarter.

The stake sale comes shortly after Meesho reported a significant improvement in its financial performance. The company narrowed its consolidated net loss to ₹166.34 crore in the quarter ended March 31, compared with a net loss of ₹1,391.38 crore recorded during the same period last year, according to a regulatory filing.

Meesho's consolidated revenue from operations rose 47.13 per cent year-on-year to ₹3,531.21 crore in the fourth quarter, up from ₹2,399.97 crore in the corresponding quarter of the previous fiscal.

In a separate development last month, the company's board approved an investment of up to ₹100 crore in its subsidiary, Meesho Payments Pvt Ltd, as it continues to strengthen its fintech capabilities.