Citi initiates Meesho at Buy with Rs 210 target, sees 22% upside on value-commerce play
Citi initiated coverage on Meesho with a Buy rating and Rs 210 target price, implying 22% upside. Thesis hinges on marketplace model, affordability-led positioning, AI and vernacular tech investments, and a projected ~27% GMV CAGR through FY29 as Meesho deepens reach into non-metro value-conscious shoppers across a Rs 19 trillion TAM.
What happened
Citi initiated Buy on Meesho with Rs 210 target (22% upside), citing its marketplace model, affordability focus, AI/vernacular tech investments, and projected
Key facts
- Target price Rs 210
- 22% upside
- GMV CAGR ~27% FY26-FY29
- ATV ~$33 billion
- TAM ~Rs 19 trillion by FY26
- Fidelity sold 1.3% stake for Rs 988 crore
Why this matters
Meesho's deepening non-metro moat and marketplace economics raise the strategic premium on logistics, vernacular-AI, and seller-tooling assets that accelerate Bharat reach.