The social commerce platform is reportedly on the hook for $288 million that it will have to pay US authorities to move its domicile back to India ahead of an IPO.
Last week, Meesho got approval from the National Company Law Tribunal to demerge its Indian entities from the US parent as part of shifting its domicile to India. That is a key step in the social commerce platform’s plan for an initial public offering, but the company will have to pay $288 million in taxes to the US as part of the move.
Moneycontrol reported in April 2024 that Meesho raised between $500 million and $650 million, with around half that amount being primary capital reserved to pay the tax amount. The rest constituted secondary share sales where investors diluted …
Sethu writes on all things technology at The Morning Context. He previously worked as a senior sub-editor at Indian Express.
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