Ecommerce marketplace Meesho has announced key senior leadership changes, according to regulatory filings with stock exchanges, weeks after its stock market debut.
The company has elevated Milan Partani to the role of General Manager, Commerce Platform, effective January 7. Milan was previously serving as General Manager – User Growth and Content Commerce. Meesho confirmed that he will continue to be classified as Senior Management Personnel.
In a separate development, Megha Agarwal, who served as General Manager – Business and was also part of the company’s Senior Management Personnel, has resigned. Her exit took effect on the same date, the filings stated.
The leadership reshuffle comes shortly after Meesho’s initial public offering, which saw a strong market debut. The company listed at a 46 percent premium to its issue price of Rs 111, opening at Rs 162.5 on the National Stock Exchange of India and Rs 161.2 on the Bombay Stock Exchange.
Meesho’s Rs 5,421 crore IPO comprised a fresh issue worth Rs 4,250 crore and an offer for sale (OFS) of Rs 1,171 crore. Ahead of the listing, the company had raised Rs 2,440 crore from anchor investors.
For the last financial year, Meesho reported revenue of Rs 9,390 crore, while losses before exceptional items and tax stood at Rs 108 crore. In the first half of the current fiscal year, the company recorded revenue of Rs 5,577 crore, as disclosed in its IPO filings.
At the close of Wednesday’s trading session, Meesho’s shares settled at Rs 173.13, valuing the company at a market capitalisation of Rs 78,141.69 crore (USD 8.68 billion).
