US-based startup accelerator Y Combinator sold 4.85 crore shares of listed ecommerce platform Meesho, representing about a 1% stake, through multiple block deals, generating approximately ₹970 crore. The shares were sold at an average price of ₹200.01 each, slightly below the closing price of ₹205.07, according to NSE data from this month.
The sale involved three Y Combinator entities: Continuity Holdings I offloaded 2.3 crore shares, YCS16 Holdings sold 2.1 crore shares, and YCVC Fund I parted with 48.5 lakh shares. The shares were acquired by a mix of domestic mutual funds and foreign institutional investors. Nippon India Mutual Fund was the largest buyer, purchasing 2 crore shares. Other buyers included HDFC Standard Life Insurance Company, Franklin Templeton, Edelweiss Mutual Fund, Societe Generale, and Millennium Management’s Integrated Core Strategies (Asia).
This transaction marks the second significant stake reduction by institutional investors in Meesho this month. Earlier in August, Elevation Capital and Peak XV Partners sold shares worth ₹974.6 crore each. The block deals reflect ongoing portfolio adjustments by major investors in the ecommerce sector. Meesho’s share sales come amid efforts by investors to optimize holdings in high-growth startups listed on Indian exchanges.
The combined ₹970 crore raised by Y Combinator from these block deals adds to the liquidity events for Meesho investors in August. Nippon India Mutual Fund’s acquisition of 2 crore shares was the largest single purchase in this round. The transactions were completed in multiple tranches as per NSE disclosures.