Venture Highway sells part of stake in Meesho to WestBridge Capital
Summary
Bengaluru: Venture Highway , one of the early investors in Meesho , said it has sold a portion of its stake in the ecommerce startup to India-focused investment fund WestBridge Capital signalling investor interest in the Indian startup ecosystem despite the ongoing funding winter.Venture Highway did not disclose the size of its stake sale or the proceeds from the transaction. We continue to remain excited for the companys success, especially, on its mission to democratise internet commerce for everyone, said Neeraj Arora, founding partner at Venture Highway.Venture Highway first invested in Meesho in 2015. At the same time, it appointed Priya Mohan as the managing partner.Meanwhile, WestBridge has been active in funding technology startups such as listed SaaS firm Freshworks, ecommerce firm Dealshare, edtech PhysicsWallah and Lead, among others.SoftBank-backed Meesho was last valued at nearly $5 billion in 2021 following its $570 million funding led by US-based Fidelity and B Capital. Typically, secondary transactions take place at a discount to the previous primary valuation.On August 7, Meesho said it posted a profit on a consolidated basis after tax for July, without disclosing specific numbers. It is said to be on an annualised revenue run-rate of around $750 million.The secondary stake sales come at a time when big-ticket, growth stage deals continue to be rare in the Indian startup sector.