IPO-bound ecommerce company Meesho’s board has approved changing the name of its Indian entity, Fashnear Technologies Pvt Ltd, to Meesho Pvt Ltd, regulatory filings made with the Registrar of Companies showed.

The company has sought approval from the Ministry of Corporate Affairs to change its name.

The Bengaluru-based company has already submitted an application with the National Company Law Tribunal (NCLT) for the flip.

Once the redomiciling exercise is completed, the renamed entity, Meesho Pvt Ltd, will become the ecommerce marketplace’s parent company.

“The proposed name change ensures that the corporate identity and brand identity are fully aligned, eliminating any inconsistency in public perception. This will enhance brand recall, stakeholder trust, and overall business positioning,” the company said in its RoC filing.

Meesho declined to comment on this development.

Before Meesho, several other companies have changed the names of their corporate entities to reflect their brands. This includes Swiggy, which changed the name from Bundl Technologies ahead of its IPO; Urban Company, which changed its name from Urbanclap Technologies (its older brand name); and Shiprocket, which was earlier known as Bigfoot Retail.

Most recently, quick commerce company Zepto’s Indian parent changed its name from Kiranakart Technologies to Zepto Pvt Ltd.

Meesho, which is gearing up for a public listing, has already appointed Kotak Mahindra Capital, Citi, JP Morgan and Morgan Stanley as merchant bankers for its issue.

In March, Meesho released its annual report saying it recorded 34% year-on-year growth in orders during the April-December 2024 period, at 1.3 billion. This equalled the number of orders it clocked in the fiscal year ended March 2024.

As of December 31, the company had 187 million unique annual transacting users — a 26% increase from the same period in the previous year.

A March report by brokerage firm CLSA noted that Meesho is currently at a gross merchandise value (GMV) run rate of $6.2 billion, and is estimated to grow at a compound annual growth rate (CAGR) of 26% for the next six years.

The research note estimated Meesho’s market share in terms of the number of orders for calendar year 2024 stood at 37%. However, in terms of GMV, its market share was around 8.5%, it said.

“As of CY24, Meesho increased its share of the retail ecommerce market in India from a low share to around 8.5% and leads in order count at 37%. The company attributes this growth to its value-led model, which has resonated with consumers seeking affordability and variety,” CLSA noted.

ET reported in January that Meesho had raised $250-270 million from Tiger Global, Think Investments and Mars Growth Capital in a funding round, taking that round’s total size to $550 million. The round — a majority of which was secondary transactions — closed with Meesho’s valuation pegged at $3.9-4 billion, lower than its peak valuation of $5 billion.

Author Credits- Pranav Mukul, msn