Meesho undertakes third ESOP buyback worth $5.5 million

Mumbai: Meesho is undertaking a $5.5-million ESOP buyback — its third so far — for all eligible current and former employees with vested stocks, even as it looks to build enough firepower to take on the likes of Amazon and Flipkart in India’s ecommerce market.

The social commerce platform, which recently raised $570 million in a funding round led by Fidelity Management and B Capital Group, repurchased employee stock ownership plans worth $6 million in two previous rounds — $1 million in February 2020 and $5 million in November 2020 — with across-the-board participation. Separately, Google is in talks to invest in Meesho at a valuation of $4.9 billion, ETtech reported on Oct. 22.