New Delhi, Oct 14: Seed fund Venture Highway has sold 1.5 per cent of its stake in e-commerce firm Meesho at an estimated valuation of about USD 3.5 billion, making a stellar 50-times return.
Venture Highways in a statement said that it recently concluded a secondary sale of its part stake in Meesho to WestBridge Capital.
“The transaction resulted in a return of over 50 times to VH for its investment from its 1st vintage fund into the company,” VH said in a statement.
According to sources, VH sold its 1.5 per cent stake in Meesho at an enterprise valuation of about USD 3.5 billion. VH did not comment on the amount raised or enterprise valuation at which the sale was conducted.
Venture Highway invested during the seed stage in Meesho and remains an investor in the Softbank-backed e-commerce firm.
The firm did not disclose further details of the transaction.
“Having firmly believed in Meesho’s culture and founding principles, it has been a pleasure to be part of its journey since inception. We have closely witnessed how the company disrupted and transformed India’s online e-commerce landscape with its unparalleled vision. We continue to remain excited for the company’s success,” Venture Highway, Founding Partner, Neeraj Arora said.
Venture Highway, an early and long-term backer of Meesho, invested in the company’s first seed round over eight years ago.
The firm continued to invest in Meesho in subsequent rounds.
“We are very impressed by Meesho’s strong focus on providing superior value to a large base of Indian consumers. This has resulted in them making rapid strides in the fast-growing Indian e-commerce market,” WestBridge Capital, Managing Partner and Co-Founder at Sandeep Singhal said.
Investment firm WestBridge Capital at present is managing over USD 7.5 billion of capital across investment funds in India and Mauritius that primarily focuses on investments in India.
WestBridge has led investments in over 150 companies. (PTI)
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