Street splits on Meesho: Citi buys the moat at Rs 210, Morgan Stanley stays cautious at Rs 190
Citi initiates Buy citing 264 mn transacting users, 950k sellers and a Rs 19 lakh cr TAM, modelling 27% NMV CAGR through FY29 on a Rs 41,000 cr FY26 base. Morgan Stanley stays Equal-weight but flags the Rs 202 cr Kirana Club deal — 4.1 mn retailers — as an option on B2B kirana commerce, with in-house Valmo already handling 50-55% of shipments.
What happened
Citi initiates Meesho with Buy and Rs 210 TP citing value-commerce moat, 264 mn users and Rs 19 lakh cr TAM. Morgan Stanley stays Equal-weight at Rs 190, sees
Key facts
- TP Rs 210 (Citi)
- TP Rs 190 (Morgan Stanley)
- 264 mn annual transacting users
- 950,000 sellers
- NMV Rs 41,000 cr FY26
- NMV CAGR 27% FY26-29E
- TAM Rs 19 lakh cr
- Kirana Club deal Rs 202 cr
- 4.1 mn registered retailers
- Valmo share 50-55%
Why this matters
Meesho's Rs 202 cr Kirana Club bolt-on signals an aggressive B2B kirana playbook — expect more sub-Rs 500 cr tuck-ins targeting retailer networks before any pre-IPO valuation reset.