Meesho's Upcoming IPO, Krutrim’s Kruti, and Delhivery’s New Move

Meesho, the e-commerce startup known for popularizing zero-commission selling among small businesses and non-metro consumers, is now preparing for the public markets. But it’s doing so in a way that’s becoming more common among India’s new-age tech firms: confidentially.

Instead of announcing its Draft Red Herring Prospectus (DRHP) with fanfare, Meesho is taking the quiet route, by submitting its IPO papers confidentially to SEBI. On paper, this move might look like secrecy. But in reality, it is a strategic move meant to protect the company, test the waters, and refine its narrative before going public. In a volatile market, where even companies like Zetwerk and PayU India have delayed their IPOs, confidentiality gives founders more flexibility and less pressure.

In the last two years, companies like Groww, Shiprocket, Swiggy, and PhysicsWallah have gone public this way. Tata Play was an early adopter of this in 2022, but they quietly backed out of their IPO. If they had publicly announced it, it would have been big news.

Meesho benefits by keeping its special business approach, like its zero-commission model and other data, hidden from rivals for now. It gets to work closely with SEBI, iron out issues privately, and refine its pitch to investors without being under constant media scrutiny. And perhaps most importantly, it gets 18 months (instead of 12) to launch its IPO after SEBI’s observations.

For investors, this route is a mixed bag. Institutional investors (QIBs) get a head start. They're already working with Meesho's team, checking out the first versions, and helping to decide what the offer will be. But retail investors are at a disadvantage. They only see the details when the updated DRHP goes public, and by then, much of the pricing and structuring is already locked in.

Now, the big question is whether Meesho will actually go public? It’s hard to say. That’s the whole point of this route - it gives the company a chance to pull back quietly if conditions aren’t right. But the signs seem promising. Meesho has trimmed its FY24 losses by 82% (down to INR 304.9 Cr from over 1,600 Cr in FY23) and posted strong operating revenue of INR 7,614.9 Cr.

Meesho has also reverse flipped to India from US, and paid nearly $300 million in taxes to make this transition. It signals clear intent to list in India, likely influenced by relaxed SEBI norms and growing appetite of retail investors for new-age companies.

But let’s not ignore the risks. India’s IPO market has been tough for tech startups lately. Only one new-age listing, Ather Energy, materialized in the first half of 2025, and even that debut was muted. There's less interest in new tech company stock offerings compared to 2021.

Meesho's focus on selling low-priced items to the general public is a strong point, but it also leads to some issues. Can this model scale profitably over the long run? Will the zero-commission model sustain under the pressure of public scrutiny?

In our view, Meesho’s confidential IPO filing is the right move. It protects the business from unnecessary exposure, gives time to prepare, and shows maturity. But the company still needs to prove it can scale sustainably and win investor trust, especially when its competitors are waiting to see what happens.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Ye Toh Maine Bahut Crazy Kar Diya”: Krutrim Launches Its Agentic AI Assistant Kruti

India’s AI unicorn Krutrim just dropped Kruti, its own agentic AI assistant with a desi twist. For businesses, Kruti isn’t just a chatbot; it talks to other agents, learns from enterprise data, and builds smarter workflows using something called MCPs.

And if you’re a developer, hold tight, soon you’ll be able to build your own AI agents on Kruti’s platform too.

Read more here

“Rishto Ke Bhi Roop Badalte Hai”: Delhivery Dissolves Its UK Subsidiary

Delhivery has officially shut down its UK subsidiary, Delhivery Corp - a move that’s been in the works since last May.

The company says it’s just housekeeping, with no impact on its revenue or operations back home. Looks like Delhivery is trimming the global fat to stay lean and focused in India.

Read more here

“AI Ki Shakti”: Cashfree Payments’ Secure ID launches AI-powered, multilingual video KYC

Cashfree Payments’ Secure ID just rolled out an AI-powered, multilingual video KYC tool built for Bharat.

It’s mobile-first, works even on low-bandwidth networks, and speaks over 20 Indian languages - perfect for onboarding users from tier 2 and 3 towns. With pre-call form-filling now 7X faster, they’re aiming for an 80% boost in user conversions.

Read more here

“Hum Saath Saath Hai”: Andhra Govt Inks Deal To Boost Startup Ecosystem

Andhra Pradesh just signed a power-packed MoU with Cyient and AICTE to supercharge its startup ecosystem.

The plan is to turn colleges around Visakhapatnam into innovation hubs through a pilot programme. With Cyient Foundation backing it through CSR grants, this might just be Vizag’s startup moment.

Read more here

1. AI security startup Repello AI has raised $1.2M in seed funding from Venture Highway, pi Ventures, and prominent angels. With bases in San Francisco and Bengaluru, it’s gearing up to tackle AI threats at scale.
   Read more here

2. Sports-tech startup Machaxi has raised $1.5M from Rainmatter and Prakash Padukone to expand its grassroots coaching mission. With AI-powered training in the mix, it’s now eyeing Hyderabad, Pune, and Chennai for its next play.
   Read more here