Meesho, an online fashion platform, currently has no plans for fundraising, instead, Vidit Aatrey, the company’s CEO and co-founder, stated that they have more than enough money in the bank. In response to the difficulties that many startups face during the funding winter, he stated that Mesho does not need to raise funds in any round at this time.
Aatrey told exclusively Business Today that “we are fortunate that we raised a substantial amount of money in 2021, much more than we needed.”
He told the media outlet that the company currently has no plans to raise funds because they have more than enough in the bank and can run the business in a very healthy manner for many years.
Meesho last raised funds 15 months ago, in September 2021.
The company raised $570 million in a series F funding round led by Fidelity Investments and B Capital Group earlier this month. Previously, the company received $300 million in a series E funding round led by SoftBank Vision Fund.
If Meesho decides to raise funds in the future, the co-founder believes the next round of funding will be an initial public offering (IPO). He stated that once the company achieves profitability, it will be ready for an IPO.
During funding season, it was claimed that Meesho was having difficulty raising its next round, particularly in late-stage deals. To which, Aatrey told BT that these are “undeterred”. Instead, he stated that Meesho does not need to raise a round at this time.
Meesho’s initial public offering (IPO) has been making the rounds for quite some time. Aatrey stated last year, in September, at the company’s town hall meeting, that Meesho is aiming to become Ebitda-positive by mid-2023 before going public. The meeting recording obtained by VCCircle revealed aggressive plans to turn Ebitda positive.
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