Sanjeev Kumar, promoter of Meesho , has confirmed that neither he nor the persons acting in concert have created any encumbrance on the shares held by them during the financial year 2025-26. This declaration ensures that the promoter group's shareholding remains free from charges or liens, providing clarity to shareholders regarding the status of these holdings. The disclosure was submitted to the National Stock Exchange of India and BSE on April 08, 2026.

The filing was made pursuant to Regulation 31(4) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011. This regulation requires promoters to annually disclose any encumbrance created on the shares of the company held by them. The confirmation covers the entire financial year, indicating that no such financial burden was placed on the shares by the promoter group during this period.

The declaration was made on behalf of the promoter group, which includes Kumar and other individuals and entities acting in concert. The list of these persons is detailed in Annexure A of the filing, confirming that the declaration applies collectively to their shareholding in Meesho Limited.

List of persons acting in concert

The following table lists the individuals and entities comprising the promoter group of Meesho Limited:

The document was digitally signed by Sanjeev Kumar on April 08, 2026, in Bangalore. Copies of the declaration were forwarded to the Company Secretary and Compliance Officer, as well as the Audit Committee of Meesho Limited, for their records.

Meesho has received a Buy initiation from Citi, with the brokerage setting a target price of ₹210 for the value-focused e-commerce marketplace. The initiation reflects Citi's confidence in Meesho's differentiated positioning within India's rapidly evolving digital commerce landscape, particularly its focus on serving mass-market and value-conscious consumers.

Strong User and Seller Growth Underpin Bull Case

Citi's initiation highlights robust platform growth metrics that set Meesho apart from peers. The platform has recorded significant expansion across both its consumer and seller base, as detailed below:

The 33% year-on-year growth in annual transacting users to 264mn+ and the 87% year-on-year surge in sellers to 950k+ underscore the platform's accelerating network effects on both the demand and supply sides.

Value-Focused Model and Structural Cost Advantages

Citi's thesis is anchored in Meesho's structurally lower seller costs, which the brokerage views as a key competitive differentiator. By offering affordable consumer-facing pricing alongside a cost-efficient seller ecosystem, Meesho is positioned to attract and retain a broad base of small and medium sellers catering to India's price-sensitive consumer segment. This structural cost advantage is seen as a sustainable moat in the mass-market e-commerce space.

Technology-Led Scalability and Market Positioning

Beyond its cost structure, Citi emphasizes Meesho's strong technology-led scalability as a critical enabler of its growth trajectory. The platform's technology infrastructure supports its ability to efficiently onboard sellers, manage logistics, and serve a rapidly growing user base across India's diverse geographies. Citi views Meesho's unique positioning as distinctly suited to capture the large and underpenetrated mass-market e-commerce opportunity in India, differentiating it from premium-focused marketplace peers.