MilestoneSep 24, 2026, 23:28 UTC

RPS Ventures sells $102M Meesho stake as early backers cash out

What's the deal? RPS Ventures offloaded 38.6 million Meesho shares for around US$122.2M through block deals on the BSE on Wednesday. The fund, founded by former SoftBank Vision Fund managing partner Kabir Misra, sold at US$3.16 per share, cutting its stake in the Bengaluru-based e-commerce company from 1.12% to roughly 0.29%.

Who bought? A mix of domestic and foreign institutions. The Government of Singapore was the largest buyer, taking 13.2 million shares worth about US$41.8M, followed by Mirae Asset Mutual Fund with 7.72 million shares worth US$24.4M. Norges Bank, BNP Paribas, Morgan Stanley Asia Singapore, and Fidelity Advisor Overseas Fund also participated.

Why now? The sale extends a run of exits by Meesho's early backers. Earlier this month, SoftBank sold a 1.73% stake worth US$224.1M, while Peak XV Partners and Elevation Capital offloaded a combined 2.27% for around US$264.7M in August, followed by Y Combinator's US$131.7M sale.

How's the business? Meesho's operating revenue rose 48% year on year to US$504.2M in Q1 FY27, while its net loss narrowed 54% to US$18.1M from US$39.2M a year earlier. Shares closed at US$3.21 on Wednesday, giving the company a market value of US$14.8B.

The signal: Early investors are steadily trimming their positions as Meesho settles into public markets. Strong institutional demand — led by sovereign funds and large asset managers — suggests the shares are finding willing long-term holders even as venture backers exit.