Who Would Make the Most Money in Meesho’s IPO at the Realistic ₹111 Price?

Meesho’s IPO created one of the largest liquidity events in India’s consumer internet space, turning early believers and founders into instant wealth creators. The e-commerce platform’s public listing not only rewarded institutional investors with substantial cash exits but also delivered extraordinary multiples for the founders and angel investors who backed the company in its early days. At a realistic price of ₹111, the distribution of gains reveals a nuanced wealth curve -where early conviction, patient capital, and strategic timing dictated who emerged as the biggest winners. This article breaks down the numbers, from absolute proceeds to ROI multiples, to show exactly who made the most from Meesho’s debut on the bourses.

Institutions Still Lead in Absolute Cash, But the Gap Narrows
Even at ₹111, Elevation Capital remains the largest beneficiary of Meesho’s IPO. The fund sold 24.45 million shares, generating ₹271.34 crore. With a low acquisition cost of ₹3.04 per share, Elevation walked away with a profit of ₹263.9 crore, a remarkable outcome for a growth-stage investor in a crowded e-commerce category.

Peak XV Partners stays in second place with ₹192.93 crore in proceeds and ₹185.47 crore in profit. Despite the lower exit price, its position is strong because its cost basis is nearly as low as Elevation’s. Together, these two investors extracted over ₹450 crore at the revised price.

Several major institutions, SoftBank, Naspers, WestBridge, did not sell at all, and their true valuation outcome will only be revealed when they eventually exit.

Founders Still Take Home Over ₹177 Crore Each at ₹111
Lower price or not, Meesho’s founders remain among the biggest gainers. Both Vidit Aatrey and Sanjeev Barnwal sold 16 million shares each, realising ₹177.60 crore apiece in proceeds and ₹177.50 crore (Vidit) and ₹177.57 crore (Sanjeev) in profit. Given their near-zero cost, the multiples remain astronomical.

At ₹111, Vidit’s multiple is still around 1,850×, while Sanjeev’s remains roughly 5,500×. These are generational outcomes, especially notable as both founders continue holding substantial stakes post-IPO.

Early Angels Deliver the Wildest Multiples
Early investors feel the price drop least, since initial investments were tiny and equity costs were minimal. Rajul Garg, for instance, invested just ₹0.02 crore and walked away with ₹5.24 crore at ₹111, achieving roughly 250–300× returns.

Man Hay Tam turned ₹0.17 crore into ₹36.64 crore, a multiple above 200×. YC Continuity generated ₹79.87 crore in liquidity at a very high multiple, since its cost basis of ₹1.02 per share was far below the IPO price. Even at ₹111, angels and pre-institutional investors outperform nearly all VC funds on a pure ROI basis.

Late-Stage Investors Face Compressed Returns
Later-stage investors, who entered during the peak of India’s internet market, see more modest outcomes. Golden Summit, which sold shares costing ₹92.43 each, realised only a 1.2× multiple: invested ₹73.59 crore, proceeds ₹88.37 crore, profit ₹14.78 crore. Titan Patriot Fund sees an almost breakeven outcome. This is typical when a company prices its IPO below the last private valuation. Late-stage investors often prioritise liquidity and long-term market upside over outsized multiples.

What Meesho's IPO Reveals About Startup Wealth Creation in India
Founders capture meaningful wealth while retaining significant skin in the game. Early angels and early-stage believers remain the biggest long-term winners. Institutional funds create substantial absolute wealth even