 "Venture Highway")
Venture Highway (VH), one of the leading seed funds, said that it recently concluded a secondary sale of its part stake in e-commerce firm Meesho to WestBridge Capital. The transaction resulted in a return of over 50X to VH for its investment from its first vintage fund into the company. VH did not reveal the value of the transaction. According to sources, the valuation of the transaction is $3.5 billion, and VH has sold 1.5 per cent of its total stake to WestBridge Capital in this secondary sale.
Venture Highway, an early and long-term backer of Meesho, invested in the company's first seed round over eight years ago. The firm continued to invest in Meesho in subsequent rounds. VH said it remains excited about the company's business and growth, having witnessed its evolution from the early days. In line with its commitment to Meesho, Venture Highway continues to hold a significant part of its total stake even after the secondary.
"We have closely witnessed how the company disrupted and transformed India's online e-commerce landscape with its unparalleled vision," said Neeraj Arora, founding partner at Venture Highway. "We continue to remain excited for the company's success, especially, on its mission to democratise internet commerce for everyone."
WestBridge Capital said the upward trajectory on growth and profitability has cemented the firm's faith in Meesho's promising future.
"We are very impressed by Meesho's strong focus on providing superior value to a large base of Indian consumers," said Sandeep Singhal, managing partner and co-founder at WestBridge Capital. "This has resulted in them making rapid strides in the fast-growing Indian e-commerce market."
