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SoftBank stays in as Meesho 6M IPO becomes India’s first major e-commerce listing | TechCrunch

SoftBank stays in as Meesho $606M IPO becomes India’s first major e-commerce listing | TechCrunch

Meesho, an Indian e-commerce rival to Amazon and Walmart-owned Flipkart, is set to launch a roughly $606 million IPO marked by token sell-downs from early backers and no sales from big names such as SoftBank and Prosus, signalling investor conviction in India’s booming online retail market at a time when tech shareholders globally have been cashing out at listings.

The ten-year-old startup plans to price its shares at ₹105–111 each, raising ₹42.50 billion (about $475 million) in fresh capital and a small remainder through secondary sales, giving Meesho a post-issue valuation of roughly ₹501 billion (around $5.60 billion). The startup was last valued at about $5 billion in the private markets in 2021.

Meesho is set to become the first major horizontal e-commerce platform in India to go public, with rival Flipkart expected to pursue an IPO next year and Amazon reportedly exploring a potential spin-off of its India operations, potentially for a future listing.

Some of Meesho’s early shareholders are selling in the IPO, with Elevation Capital offloading just over 4% of its stake, Sequoia Capital spin-off Peak XV Partners selling around 3%, and Y Combinator trimming about 14%, per the prospectus (PDF). Larger backers — including SoftBank, Prosus, and Fidelity — are not selling any shares.

Meesho’s offer-for-sale portion has been cut by about 40% from the draft prospectus filed in October to 105.5 million shares, worth ₹11.7 billion (roughly $131 million) at the top of the price band. The co-founders, Vidit Aatrey and Sanjeev Kumar, are, however, selling more than they had planned in the draft prospectus, with their combined offer rising to 32 million shares from about 23.5 million earlier, helping make up for reduced participation from other shareholders.

Founded in 2015, Meesho began as a social commerce platform that targeted first-time online shoppers through WhatsApp before evolving into a full-fledged marketplace. It has since carved out a fast-growing niche with a low-cost model tailored to India’s price-sensitive consumers and small merchants — an approach that has increasingly pressured larger rivals Amazon and Flipkart. The Bengaluru-based company uses a commission-light model, earning primarily from logistics fees, advertising, and other services, while charging commissions on products sold through its separate Meesho Mall channel.

Meesho reported revenue from operations of ₹55.78 billion (about $624.0 million) for the six months ended September 30, up from ₹43.11 billion (around $482.0 million) a year earlier, per its prospectus. Net merchandise value rose 44% year-over-year to ₹191.94 billion (roughly $2.15 billion). However, its losses widened, with Meesho posting a restated loss before tax of ₹4.33 billion (around $48.4 million) for the September 2025 half-year, compared with ₹0.24 billion (about $2.7 million) a year earlier.

In the last 12 months, Meesho recorded 234.20 million transacting users — unique consumers who purchased at least one product on the platform. Over the same period, the company had 706,471 annual transacting sellers, defined as sellers who received at least one order in the year.

Meesho also uses a sprawling creator network for product discovery, with more than 50,000 active content creators generating at least one placed order through their content over the past year.

“Many Indians are only experiencing e-commerce for the first time on Meesho, and much like the rest of us, over the next decade, they will buy more and more things and more and more frequently on this platform,” Mohit Bhatnagar, managing director at Peak XV Partners, told TechCrunch. “That’s why long-term conviction is the reason to hold on to as much of our stake as we can hold on to.”

Peak XV — which first invested in Meesho in 2018 during its Sequoia Capital India era and holds about 13% across its two vehicles — is selling around 17.38 million shares in the IPO.

Meesho has positioned itself as a value-focused platform — unlike Amazon and Flipkart, which it sees as convenience-led players. In that respect, the company compares itself with other value-driven marketplaces such as Pinduoduo in China, Shopee in Southeast Asia, and Mercado Libre in Latin America.

“If you look at the value-focused bucket, here, you are trying to appeal to mass market consumers selling all kinds of products and categories in a marketplace business model, which tends to be asset light,” Aatrey told reporters during Meesho’s press conference on Friday. “And the reason people come back is because they want access to more and more selection with the affordability value proposition.”

Meesho also sees the IPO improving its ability to attract talent and strengthening confidence across its wider ecosystem, CFO Dhiresh Bansal told TechCrunch. He said a public listing boosts the company’s brand with job candidates — including those coming from big tech firms — and has a positive knock-on effect on consumers, sellers and logistics partners by reinforcing Meesho’s governance standards.

The IPO will open for public subscription on December 3, with the anchor book scheduled for December 2. About 75% of the offer is reserved for qualified institutional buyers, 10% for retail investors and 15% for non-institutional investors.

SoftBank did not respond to a request for comment.

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Back in 2015, the two-person studio Metanet released N++, a brutally hard 2D platformer that was a decade in the making, building off of previous releases dating back to the freeware Flash title N. At the time, cofounder Raigan Burns issued some famous last words: “We hope it’s not another 10 years before we come up with a game.” But now here we are, more than a decade later, and N is getting another sequel. And this time the focus is on multiplayer.

The new game is called, absurdly, N Plus Infinity Times Two. Whereas N++ was meant to be the ultimate single-player version of the N concept, this game is described as “the ultimate virtual couch party game with a low skill floor and no skill ceiling.” That means the same slick, acrobatic platforming action and gorgeous graphic design-inspired visuals, but now built around playing competitively or cooperatively with pals across a handful of different modes. It’s launching on the PS5, Xbox, Switch 2, and PC at some point in 2027.

The duo at Metanet was up to a few different things over the last 11 years. In addition to uprooting from Toronto to Montreal, they’ve been prototyping ideas for a few potentially bigger projects, and last year released a 10-year anniversary update for N++. But then, “We started getting the ‘let’s take another crack at it’ bug in 2022,” Burns tells The Verge.

The studio operates in an unusual way, at least compared to most of the game industry. Despite having two hits in N+ and N++, Metanet hasn’t grown or scaled up in any way. And the reason comes down to the way they make games: It simply takes a lot of time to find a game idea that’s worth pursuing as a commercial project. “We’ve resisted doing something that would compromise our ability to keep iterating and prototyping until something good shows up,” says Burns.

“It’s important to feel that magic,” cofounder Mare Sheppard adds. “That’s what’s compelling about making games. That’s when we know that we’re doing it in a way that’s right for us.” Burns has a clear analogy for how they work: “We like being in a band. That’s fun. Being in a lot of meetings and doing a lot of managing: not fun.” This philosophy seems especially prescient given the state of the games industry, where even the biggest hits operate in a way that’s clearly unsustainable.

“We like being in a band. That’s fun. Being in a lot of meetings and doing a lot of managing: not fun.”

In the case of N Plus Infinity Times Two — unfortunately I can’t think of a good way to shorten that title — the spark came in part from watching how younger players interact with games. Even when they’re playing solo, kids are typically still chatting with friends on their phones, essentially turning everything into a multiplayer experience. Burns and Sheppard wanted to find a way to marry that idea with the couch co-op experiences they grew up on, which led to revisiting the N concept but with a multiplayer spin.

The two describe making N++ as a grueling experience. If you think the game’s levels are hard, just imagine having to playtest them over and over. Part of the excitement about N Plus Infinity Times Two wasn’t just finding a spin on the formula that would be fun to play, but also to develop. “This one really feels like we’re having fun,” says Burns. “We’re really fluent in this one instrument. So now the fun challenge becomes playing new styles of music we’ve never played before, but with this thing we’re really comfortable with.”

A screenshot from the video game N Plus Infinity Times Two.

Image: Metanet Software

As creative industries from games to Hollywood become increasingly homogenous, Burns also believes that there’s something important about doing work that’s distinct, even if it means revisiting a previous idea, like through the multiple versions of N. It’s similar to titles like Hades II and Silksong: indie-developed sequels that iterated a core concept, but with a fresh angle that made them more than a by-the-numbers follow-up. “Being yourself is more fun and exciting anyways,” Burns explains. “But I honestly think it’s more commercially viable to do something only you can do, because then you have no competition.”

As for what’s next after N Plus Infinity Times Two, the pair obviously aren’t revealing anything just yet. There are a few bigger 3D game ideas kicking around, but those would necessitate some of that scaling up that the studio has so far avoided. What they won’t close the door on, however, is coming back to the idea of N again at some point in the future.

“If we can do something that expresses something new, or lets us see things in a different way, or we get a different perspective on what this game is or how to play it, that’s exciting,” says Sheppard. “I think we no longer think this is definitively going to be the last one. We’ve abandoned that idea. It doesn’t have to be.”

Follow topics and authors from this story to see more like this in your personalized homepage feed and to receive email updates.
#decade #team #multiplayer #sequelEntertainment,Gaming,Interview,Report">More than a decade later, the team behind N++ is back with a multiplayer sequelBack in 2015, the two-person studio Metanet released N++, a brutally hard 2D platformer that was a decade in the making, building off of previous releases dating back to the freeware Flash title N. At the time, cofounder Raigan Burns issued some famous last words: “We hope it’s not another 10 years before we come up with a game.” But now here we are, more than a decade later, and N is getting another sequel. And this time the focus is on multiplayer.The new game is called, absurdly, N Plus Infinity Times Two. Whereas N++ was meant to be the ultimate single-player version of the N concept, this game is described as “the ultimate virtual couch party game with a low skill floor and no skill ceiling.” That means the same slick, acrobatic platforming action and gorgeous graphic design-inspired visuals, but now built around playing competitively or cooperatively with pals across a handful of different modes. It’s launching on the PS5, Xbox, Switch 2, and PC at some point in 2027.The duo at Metanet was up to a few different things over the last 11 years. In addition to uprooting from Toronto to Montreal, they’ve been prototyping ideas for a few potentially bigger projects, and last year released a 10-year anniversary update for N++. But then, “We started getting the ‘let’s take another crack at it’ bug in 2022,” Burns tells The Verge.The studio operates in an unusual way, at least compared to most of the game industry. Despite having two hits in N+ and N++, Metanet hasn’t grown or scaled up in any way. And the reason comes down to the way they make games: It simply takes a lot of time to find a game idea that’s worth pursuing as a commercial project. “We’ve resisted doing something that would compromise our ability to keep iterating and prototyping until something good shows up,” says Burns.“It’s important to feel that magic,” cofounder Mare Sheppard adds. “That’s what’s compelling about making games. That’s when we know that we’re doing it in a way that’s right for us.” Burns has a clear analogy for how they work: “We like being in a band. That’s fun. Being in a lot of meetings and doing a lot of managing: not fun.” This philosophy seems especially prescient given the state of the games industry, where even the biggest hits operate in a way that’s clearly unsustainable.“We like being in a band. That’s fun. Being in a lot of meetings and doing a lot of managing: not fun.”In the case of N Plus Infinity Times Two — unfortunately I can’t think of a good way to shorten that title — the spark came in part from watching how younger players interact with games. Even when they’re playing solo, kids are typically still chatting with friends on their phones, essentially turning everything into a multiplayer experience. Burns and Sheppard wanted to find a way to marry that idea with the couch co-op experiences they grew up on, which led to revisiting the N concept but with a multiplayer spin.The two describe making N++ as a grueling experience. If you think the game’s levels are hard, just imagine having to playtest them over and over. Part of the excitement about N Plus Infinity Times Two wasn’t just finding a spin on the formula that would be fun to play, but also to develop. “This one really feels like we’re having fun,” says Burns. “We’re really fluent in this one instrument. So now the fun challenge becomes playing new styles of music we’ve never played before, but with this thing we’re really comfortable with.”Image: Metanet SoftwareAs creative industries from games to Hollywood become increasingly homogenous, Burns also believes that there’s something important about doing work that’s distinct, even if it means revisiting a previous idea, like through the multiple versions of N. It’s similar to titles like Hades II and Silksong: indie-developed sequels that iterated a core concept, but with a fresh angle that made them more than a by-the-numbers follow-up. “Being yourself is more fun and exciting anyways,” Burns explains. “But I honestly think it’s more commercially viable to do something only you can do, because then you have no competition.”As for what’s next after N Plus Infinity Times Two, the pair obviously aren’t revealing anything just yet. There are a few bigger 3D game ideas kicking around, but those would necessitate some of that scaling up that the studio has so far avoided. What they won’t close the door on, however, is coming back to the idea of N again at some point in the future.“If we can do something that expresses something new, or lets us see things in a different way, or we get a different perspective on what this game is or how to play it, that’s exciting,” says Sheppard. “I think we no longer think this is definitively going to be the last one. We’ve abandoned that idea. It doesn’t have to be.”Follow topics and authors from this story to see more like this in your personalized homepage feed and to receive email updates.Andrew WebsterCloseAndrew WebsterSenior entertainment editorPosts from this author will be added to your daily email digest and your homepage feed.FollowFollowSee All by Andrew WebsterEntertainmentCloseEntertainmentPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All EntertainmentGamingCloseGamingPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All GamingInterviewCloseInterviewPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All InterviewReportCloseReportPosts from this topic will be added to your daily email digest and your homepage feed.FollowFollowSee All Report#decade #team #multiplayer #sequelEntertainment,Gaming,Interview,Report

N++, a brutally hard 2D platformer that was a decade in the making, building off of previous releases dating back to the freeware Flash title N. At the time, cofounder Raigan Burns issued some famous last words: “We hope it’s not another 10 years before we come up with a game.” But now here we are, more than a decade later, and N is getting another sequel. And this time the focus is on multiplayer.

The new game is called, absurdly, N Plus Infinity Times Two. Whereas N++ was meant to be the ultimate single-player version of the N concept, this game is described as “the ultimate virtual couch party game with a low skill floor and no skill ceiling.” That means the same slick, acrobatic platforming action and gorgeous graphic design-inspired visuals, but now built around playing competitively or cooperatively with pals across a handful of different modes. It’s launching on the PS5, Xbox, Switch 2, and PC at some point in 2027.

The duo at Metanet was up to a few different things over the last 11 years. In addition to uprooting from Toronto to Montreal, they’ve been prototyping ideas for a few potentially bigger projects, and last year released a 10-year anniversary update for N++. But then, “We started getting the ‘let’s take another crack at it’ bug in 2022,” Burns tells The Verge.

The studio operates in an unusual way, at least compared to most of the game industry. Despite having two hits in N+ and N++, Metanet hasn’t grown or scaled up in any way. And the reason comes down to the way they make games: It simply takes a lot of time to find a game idea that’s worth pursuing as a commercial project. “We’ve resisted doing something that would compromise our ability to keep iterating and prototyping until something good shows up,” says Burns.

“It’s important to feel that magic,” cofounder Mare Sheppard adds. “That’s what’s compelling about making games. That’s when we know that we’re doing it in a way that’s right for us.” Burns has a clear analogy for how they work: “We like being in a band. That’s fun. Being in a lot of meetings and doing a lot of managing: not fun.” This philosophy seems especially prescient given the state of the games industry, where even the biggest hits operate in a way that’s clearly unsustainable.

“We like being in a band. That’s fun. Being in a lot of meetings and doing a lot of managing: not fun.”

In the case of N Plus Infinity Times Two — unfortunately I can’t think of a good way to shorten that title — the spark came in part from watching how younger players interact with games. Even when they’re playing solo, kids are typically still chatting with friends on their phones, essentially turning everything into a multiplayer experience. Burns and Sheppard wanted to find a way to marry that idea with the couch co-op experiences they grew up on, which led to revisiting the N concept but with a multiplayer spin.

The two describe making N++ as a grueling experience. If you think the game’s levels are hard, just imagine having to playtest them over and over. Part of the excitement about N Plus Infinity Times Two wasn’t just finding a spin on the formula that would be fun to play, but also to develop. “This one really feels like we’re having fun,” says Burns. “We’re really fluent in this one instrument. So now the fun challenge becomes playing new styles of music we’ve never played before, but with this thing we’re really comfortable with.”

A screenshot from the video game N Plus Infinity Times Two.

Image: Metanet Software

As creative industries from games to Hollywood become increasingly homogenous, Burns also believes that there’s something important about doing work that’s distinct, even if it means revisiting a previous idea, like through the multiple versions of N. It’s similar to titles like Hades II and Silksong: indie-developed sequels that iterated a core concept, but with a fresh angle that made them more than a by-the-numbers follow-up. “Being yourself is more fun and exciting anyways,” Burns explains. “But I honestly think it’s more commercially viable to do something only you can do, because then you have no competition.”

As for what’s next after N Plus Infinity Times Two, the pair obviously aren’t revealing anything just yet. There are a few bigger 3D game ideas kicking around, but those would necessitate some of that scaling up that the studio has so far avoided. What they won’t close the door on, however, is coming back to the idea of N again at some point in the future.

“If we can do something that expresses something new, or lets us see things in a different way, or we get a different perspective on what this game is or how to play it, that’s exciting,” says Sheppard. “I think we no longer think this is definitively going to be the last one. We’ve abandoned that idea. It doesn’t have to be.”

Follow topics and authors from this story to see more like this in your personalized homepage feed and to receive email updates.

#decade #team #multiplayer #sequelEntertainment,Gaming,Interview,Report">More than a decade later, the team behind N++ is back with a multiplayer sequel

Back in 2015, the two-person studio Metanet released N++, a brutally hard 2D platformer that was a decade in the making, building off of previous releases dating back to the freeware Flash title N. At the time, cofounder Raigan Burns issued some famous last words: “We hope it’s not another 10 years before we come up with a game.” But now here we are, more than a decade later, and N is getting another sequel. And this time the focus is on multiplayer.

The new game is called, absurdly, N Plus Infinity Times Two. Whereas N++ was meant to be the ultimate single-player version of the N concept, this game is described as “the ultimate virtual couch party game with a low skill floor and no skill ceiling.” That means the same slick, acrobatic platforming action and gorgeous graphic design-inspired visuals, but now built around playing competitively or cooperatively with pals across a handful of different modes. It’s launching on the PS5, Xbox, Switch 2, and PC at some point in 2027.

The duo at Metanet was up to a few different things over the last 11 years. In addition to uprooting from Toronto to Montreal, they’ve been prototyping ideas for a few potentially bigger projects, and last year released a 10-year anniversary update for N++. But then, “We started getting the ‘let’s take another crack at it’ bug in 2022,” Burns tells The Verge.

The studio operates in an unusual way, at least compared to most of the game industry. Despite having two hits in N+ and N++, Metanet hasn’t grown or scaled up in any way. And the reason comes down to the way they make games: It simply takes a lot of time to find a game idea that’s worth pursuing as a commercial project. “We’ve resisted doing something that would compromise our ability to keep iterating and prototyping until something good shows up,” says Burns.

“It’s important to feel that magic,” cofounder Mare Sheppard adds. “That’s what’s compelling about making games. That’s when we know that we’re doing it in a way that’s right for us.” Burns has a clear analogy for how they work: “We like being in a band. That’s fun. Being in a lot of meetings and doing a lot of managing: not fun.” This philosophy seems especially prescient given the state of the games industry, where even the biggest hits operate in a way that’s clearly unsustainable.

“We like being in a band. That’s fun. Being in a lot of meetings and doing a lot of managing: not fun.”

In the case of N Plus Infinity Times Two — unfortunately I can’t think of a good way to shorten that title — the spark came in part from watching how younger players interact with games. Even when they’re playing solo, kids are typically still chatting with friends on their phones, essentially turning everything into a multiplayer experience. Burns and Sheppard wanted to find a way to marry that idea with the couch co-op experiences they grew up on, which led to revisiting the N concept but with a multiplayer spin.

The two describe making N++ as a grueling experience. If you think the game’s levels are hard, just imagine having to playtest them over and over. Part of the excitement about N Plus Infinity Times Two wasn’t just finding a spin on the formula that would be fun to play, but also to develop. “This one really feels like we’re having fun,” says Burns. “We’re really fluent in this one instrument. So now the fun challenge becomes playing new styles of music we’ve never played before, but with this thing we’re really comfortable with.”

A screenshot from the video game N Plus Infinity Times Two.

Image: Metanet Software

As creative industries from games to Hollywood become increasingly homogenous, Burns also believes that there’s something important about doing work that’s distinct, even if it means revisiting a previous idea, like through the multiple versions of N. It’s similar to titles like Hades II and Silksong: indie-developed sequels that iterated a core concept, but with a fresh angle that made them more than a by-the-numbers follow-up. “Being yourself is more fun and exciting anyways,” Burns explains. “But I honestly think it’s more commercially viable to do something only you can do, because then you have no competition.”

As for what’s next after N Plus Infinity Times Two, the pair obviously aren’t revealing anything just yet. There are a few bigger 3D game ideas kicking around, but those would necessitate some of that scaling up that the studio has so far avoided. What they won’t close the door on, however, is coming back to the idea of N again at some point in the future.

“If we can do something that expresses something new, or lets us see things in a different way, or we get a different perspective on what this game is or how to play it, that’s exciting,” says Sheppard. “I think we no longer think this is definitively going to be the last one. We’ve abandoned that idea. It doesn’t have to be.”

Follow topics and authors from this story to see more like this in your personalized homepage feed and to receive email updates.
#decade #team #multiplayer #sequelEntertainment,Gaming,Interview,Report

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