Meesho’s upcoming IPO, aiming to raise ₹4,421 crore, presents a mixed bag. This marketplace, similar to Amazon, leverages AI for efficient logistics and has shown robust user growth thanks to aggressive pricing. Its IIT-educated founding team is certainly a positive. However, the proposed ₹50,000 crore valuation feels incredibly ambitious for a company still mired in significant losses, especially when considering its slowing revenue growth. Core profitability remains distant, with recent positive cash flows largely from other income sources. Key concerns include high logistics, escalating ad spend, and unresolved tax disputes. Compared to a profitable peer like Nykaa, Meesho’s higher sales multiple is tough to justify on fundamentals. Opinion: For investors, the long-term investment case appears weak given the rich valuation and ongoing losses. While strong grey market demand hints at potential short-term listing gains, extreme caution is advised. This isn't a fundamental long-term play; consider a quick exit if initial enthusiasm wanes.

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