Y Combinator Offloads ₹970 Crore Worth Of Meesho Shares In Block Deals

Y Combinator-linked entities sold 4.85 crore Meesho shares worth approximately ₹970 crore through block deals on the National Stock Exchange (NSE) on 24 August, marking the venture fund’s second stake sale in an Indian new-age company in less than a week.

Nippon India Mutual Fund, HDFC Standard Life Insurance, Morgan Stanley, Goldman Sachs and Citigroup were among the institutional buyers absorbing the sale.

Meesho shares closed 24 August's session at ₹205.07, down 0.30%, from the previous close of ₹205.69.

At 11:14 AM on Tuesday, Meesho shares were trading at ₹203.59, down 0.72%.

Transaction Breakdown

Three Y Combinator-affiliated entities executed the sale at ₹200.01 per share, a discount of about 2.47% to Meesho's NSE closing price of ₹205.07:

• Y Combinator Continuity Holdings I LLC sold 2,30,27,687 shares

• YCS16 Holdings LLC sold 2,06,03,720 shares

• YCVC Fund I L.P. sold 48,47,934 shares

The combined sale totalled 4,84,79,341 shares for roughly ₹969.71 crore, according to NSE block deal data.

Who Bought The Shares

Nippon India Mutual Fund made the single largest purchase in the block deal window, picking up 1,00,00,002 shares. HDFC Standard Life Insurance Company bought 75,00,003 shares, while Edelweiss Mutual Fund acquired 34,70,553 shares.

Other buyers included:

• Franklin Templeton Mutual Fund: 25,00,001 shares

• Societe Generale: 23,75,002 shares

• Integrated Core Strategies (Asia) Pte. Ltd.: 17,50,002 shares

• Morgan Stanley Asia Singapore Pte.: 12,58,752 and 17,00,002 shares across two separate purchases

• Goldman Sachs Bank Europe SE: 14,25,002 shares

• Goldman Sachs Investments Mauritius I Limited: 12,50,002 shares

• Citigroup Global Markets Mauritius Private Limited: 15,00,002 shares

Exchange data also listed AAGAM Investments, Bajaj Life Insurance, Viridian Asia Opportunities Master Fund, BNP Paribas Financial Markets, BofA Securities Europe SA, Canara Robeco Mutual Fund, Franklin Templeton Investment Funds - Franklin India Fund, Ghissallo Master Fund LP, HSBC Mutual Fund, Kotak Securities, Kuwait Investment Authority and Robeco Capital Growth Funds among the other participants on the buy side.

Part Of A Broader Pattern Of Early-Investor Exits

The Meesho sale follows Y Combinator's divestment of a 1.2% stake in Billionbrains Garage Ventures, the parent of fintech platform Groww, on 18 August, a transaction worth ₹1,435 crore. Two stake sales inside six trading sessions point to Y Combinator actively paring positions across its listed Indian holdings.

Meesho itself has seen a string of early-investor exits since its listing. Earlier this month, private equity investors Elevation Capital and Peak XV Partners together sold a 2.3% stake in the company for ₹1,949 crore.

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