Meesho Limited announced significant corporate developments following its Board of Directors meeting held on January 12, 2026. The e-commerce platform's board approved the incorporation of a new wholly owned subsidiary, appointed secretarial auditors, and authorized a postal ballot for shareholder approvals on key matters.

Logistics Subsidiary Incorporation

The board approved the establishment of a new wholly owned subsidiary under the Companies Act, 2013, focused on logistics services. The subsidiary will engage in commercial logistics operations for goods movement, including activities related to loading, unloading, in-transit storage, handling, and trans-shipment through third-party service providers.

The company is currently processing the name application with the Ministry of Corporate Affairs, with a separate disclosure planned once the entity name is finalized.

Secretarial Auditor Appointment

Based on the Audit Committee's recommendation, the board appointed M/s. BMP & Co. LLP as the company's secretarial auditors. BMP is an established firm of practicing company secretaries with offices in Bengaluru, Mumbai, and Delhi NCR, founded in 2017 with five partners and over 60 employees.

BMP specializes in comprehensive corporate law consulting and advisory services, including secretarial audits, SEBI compliance, IPO services, FDI and ODI under FEMA, mergers and amalgamations, and fund raise compliance. The firm serves diverse clients including listed corporates, multinational companies, start-ups, and venture capital firms.

Postal Ballot Authorization

The board approved issuing a postal ballot notice seeking shareholder approval for three key matters:

• ESOP Plan Amendment: Ratification and amendment of Meesho Limited Employee Stock Option Plan 2024
• Subsidiary Benefits Extension: Ratification of extending ESOP 2024 Plan benefits to subsidiary employees
• Auditor Confirmation: Appointment of M/s. BMP & Co. LLP as secretarial auditors

The postal ballot notice and related information will be published and communicated to shareholders in due course.

Meeting Details and Compliance

The board meeting commenced at 9:30 PM and concluded at 10:00 PM on January 12, 2026. All disclosures were made pursuant to Regulation 30 of SEBI Listing Obligations and Disclosure Requirements Regulations, 2015, ensuring full regulatory compliance.

The company secretary Rahul Bhardwaj (Membership No. A41649) signed the disclosure documents, with detailed annexures providing comprehensive information about the subsidiary incorporation and auditor appointment as required under SEBI regulations.

Financial analysts have initiated coverage on Meesho with a target price of ₹170.00 and a 'Reduce' rating, positioning the e-commerce giant at the center of investment discussions. The target price represents a modest upside from the current market price of ₹166.90, reflecting cautious optimism about the company's prospects.

Company Profile and Market Position

Founded in 2015, Meesho has established itself as India's largest e-commerce player by order volumes and annual transacting users. The company operates a distinctive value-focused e-commerce marketplace that connects multiple stakeholders including consumers, sellers, logistics partners and content creators.

Business Model and Revenue Strategy

Meesho differentiates itself through a commission-free approach, choosing not to charge sellers the traditional commission fees that characterize most e-commerce platforms. Instead, the company monetizes its platform through three primary revenue streams: fulfillment services, advertising solutions, and data insights.

The introduction of Valmo has further enhanced Meesho's value proposition by reducing costs charged to sellers. This strategic move has opened up e-commerce categories that were previously considered unserviceable due to cost constraints.

Technology and User Experience

The platform leverages hyper-personalized, discovery-led shopping journeys that mirror offline market shopping patterns. This approach facilitates a seamless transition for new-to-e-commerce shoppers, particularly important in India's diverse retail landscape.

Valuation and Risk Assessment

The DCF-based valuation methodology results in target price implications of 108x and 25x EV/Adjusted EBITDA multiples for FY28 and FY30 respectively. These multiples align with the company's long-term growth potential in the Indian e-commerce sector.

Risk Factors

Downside risks include:

• Plateauing logistics costs that could limit growth potential
• Increased competitive intensity in the e-commerce space
• Limited advertising-based monetization capabilities

Upside opportunities encompass:

• Monetization through content and financing services
• Better than expected growth trajectory
• Revenue ramp-up through commission structures via Meesho Mall

Market Outlook

Analysts expect Meesho to maintain its position as a leading force in Indian e-commerce, particularly as the primary digital commerce platform for a significant portion of the Indian population. The company's focus on serving new-to-e-commerce users positions it strategically for India's ongoing digital transformation.