RPS Ventures Sells ₹900 Crore of Meesho Shares as Singapore Government and Mirae Asset Step In

RPS Ventures, the growth-stage investment firm founded by former SoftBank Vision Fund managing partner Kabir Misra, has sold a significant portion of its stake in e-commerce company Meesho, raising about ₹900 crore through block deals on the BSE on Wednesday, September 23.

According to stock exchange data reported by Entrackr, RPS Ventures — through its entity RPS WOS II LLC — sold 3,86,13,960 Meesho shares at ₹233 each, representing roughly 0.83% of the company. The transaction was valued at ₹899.71 crore. Some outlets rounded the stake to 0.9%.

RPS Ventures held about 1.12% of Meesho as of June 2026. After the sale, its holding is estimated to have fallen to around 0.29%, a reduction of more than 71%, according to Inc42.

Who bought

The shares were picked up by a mix of domestic and foreign institutions. The Government of Singapore was the largest buyer, acquiring about 1.32 crore shares worth roughly ₹307.5 crore. Mirae Asset Mutual Fund bought 77.21 lakh shares for about ₹179.9 crore, and Societe Generale acquired around 35.5 lakh shares.

Norges Bank, Fidelity, Goldman Sachs, Morgan Stanley and Citigroup were also among the buyers, according to a report carried by inkl.

The ₹233 sale price represented a discount of about 1.4% to Meesho’s closing price on Wednesday, according to Inc42. The stock ended the session 1.6% lower at ₹236.35 on the BSE, giving the company a market capitalisation of about ₹1,09,341 crore, or roughly $11.5 billion, Entrackr reported.

An early bet that held through the IPO

RPS Ventures joined Meesho’s cap table in 2018, when it backed the company’s $50 million Series C round. That round valued Meesho at between $200 million and $250 million, according to reports cited by inkl — a small fraction of the company’s current market value.

Notably, RPS did not sell any shares when Meesho went public nearly a year ago, even as other investors sold a cumulative 10.6 crore shares through the offer-for-sale component of the initial public offering, Inc42 reported. Wednesday’s transaction therefore represents RPS Ventures’ first large-scale monetisation of its Meesho investment.

A wave of investor sell-downs

The sale is the latest in a series of stake reductions by Meesho’s early investors. Earlier this month, SoftBank sold 8 crore shares, representing a 1.73% stake worth about ₹1,650.4 crore, according to Entrackr. SoftBank held 8.60% of Meesho as of June 2026.

In August, Peak XV Partners and Elevation Capital together sold about 2.27% of the company through block deals worth around ₹1,949 crore. That was followed by Y Combinator’s sale of shares worth approximately ₹970 crore.

Such sell-downs are a natural stage in the life of a venture-backed company after listing. Lock-in periods expire, funds approach the end of their lives and limited partners expect distributions. At the same time, a steady supply of shares can weigh on the stock in the short term, and investors watch the discounts at which block deals are priced as a signal of demand.

In Meesho’s case, the discounts have been narrow and the buyers have included sovereign wealth funds, large global asset managers and domestic mutual funds — a sign that institutional appetite for the stock remains firm.

Improving fundamentals

The investor exits come as Meesho reports stronger operating performance. The company’s operating revenue rose 48% year on year to ₹3,713 crore in the first quarter of fiscal 2027, while its net loss narrowed 54% to ₹133 crore from ₹289 crore in the same quarter a year earlier, Entrackr reported.

How block deals work

Block deals allow large shareholders to sell significant quantities of stock in a single negotiated transaction, typically through a dedicated trading window on the exchanges. Sellers usually offer shares at a modest discount to the prevailing market price to attract institutional buyers, and the size of that discount is closely watched as an indicator of demand.

A narrow discount — such as the roughly 1.4% at which RPS Ventures sold its Meesho shares — generally signals strong appetite from buyers. Wider discounts can indicate that sellers are more eager to exit than buyers are to accumulate, and can weigh on a stock in the sessions that follow.

For retail investors, the key point is that block deals do not change a company’s underlying business. They change who owns it. In Meesho’s case, the shift is from early-stage venture investors, whose funds have finite lives, towards sovereign funds, pension managers and mutual funds that can hold positions for longer periods.

Meesho’s net merchandise value for the June quarter rose 34% year on year to ₹11,614 crore, according to inkl, helped by higher user engagement, better delivery conversion and stronger monetisation on the platform.

Brokerage UBS recently raised its target price on Meesho to ₹260, citing stronger monetisation and improving logistics margins, according to ET Retail. On Tuesday, before the RPS sale, Meesho shares had surged about 9% following the UBS note, Inc42 reported.

The bigger picture

Meesho’s journey from a reseller-focused social-commerce startup to a listed company worth more than $11 billion is one of the defining stories of India’s consumer internet sector. Its model — targeting value-conscious shoppers and small sellers, many of them in smaller towns — has differentiated it from rivals focused on premium urban consumers.

As early investors such as RPS Ventures, SoftBank, Peak XV, Elevation and Y Combinator realise returns, Meesho’s shareholder base is shifting towards long-term institutional owners. For the company, that transition brings a different kind of scrutiny: sustained revenue growth, a credible path to consistent profitability and disciplined capital allocation.

For India’s startup ecosystem, the flow of these exits matters too. Successful realisations return capital to limited partners, strengthen the case for further investment into Indian venture funds and demonstrate that public markets can provide a reliable exit route for companies built with private capital.

For Meesho’s management, the next test will be the September-quarter results, where investors will look for evidence that revenue growth, logistics efficiency and monetisation gains are durable enough to justify the valuation that new institutional shareholders have just paid for.