Meesho vs Trent vs Vishal Mega Mart vs Avenue Supermarts: Can IPO-Bound Meesho Survive India's Retail War?

Meesho vs Trent vs Vishal Mega Mart vs Avenue Supermarts: Meesho, an Indian e-commerce rival to Amazon and Walmart-owned Flipkart, is receiving overwhelming response for its initial public offering (IPO) subscription. Meesho IPO has been subscribed over 963% on day 2, ie Thursday, December 4.

As Meesho IPO garnered strong investor subscription, its long-term positioning against listed retail leaders will be in focus. While Amazon and Flipkart remain its core online rivals, Meesho's closest BSE-NSE listed peers are Avenue Supermarts (DMart), Trent, and Vishal Mega Mart. As these companies dominate India's offline and omnichannel retail landscape, let's understand how Meesho stacks up against Avenue Supermarts, Trent and Vishal Mega Mart.

Meesho vs Trent Vs Vishal Mega Mart vs Avenue Supermarts: MCap Comparison

Avenue Supermarts Limited, popularly known as DMart, has a market capitalisation of Rs 2,578 billion. Whereas Trent Limited, which operates stores like Westside, Zudio and Star Bazaar, has a stock market capitalisation of Rs 1,502 billion. Vishal Mega Mart has a mcap of Rs 633 crore. Meanwhile, Meesho Limited has a market capitalisation of Rs 501 crore.

Meesho vs Trent Vs Vishal Mega Mart vs Avenue Supermarts: Revenue Growth In FY23-25

Despite having the lowest market capitalisation compared to most of its peers, Meesho's revenue growth remained impressive in the financial year 2023-25, according to a Motilal Oswal's report.

Meesho's revenue compounded annual growth rate (CAGR) stood at 21% in the duration. Whereas, Avenue Supermarts, Trent, and Vishal Mega Mart stood at 17.7%, 44.2%, and 18.9% respectively.

Meesho vs Trent Vs Vishal Mega Mart vs Avenue Supermarts: EBITDA, PAT, Sales

Trent, Vishal Mega Mart and Avenue Supermarts' EBITDA CAGR stood at 59.1%, 22.4%, and 11.1% respectively. Whereas, Meesho reported loss in terms of EBITDA CAGR and PAT CAGR. Trent, Vishal Mega Mart and Avenue Supermarts PAT CAGR stood at 61%, 30.4%, and 57.7% respectively.

Meesho IPO Subscription Status

Meesho IPO was subscribed over 8.28 times, as per Chittorgarh.com at 6:53 pm on day 2, ie Thursday. The public issue was subscribed over 9.65 times in the retail category, 7.15 times in QIB category, and 9.63 times in the NII category.

Meesho IPO: Should You Subscribe?

Meesho has emerged as the fastest growing value-commerce marketplace with its inclusive digital commerce ecosystem. The platform operates on a zero-commission model, charging sellers only for logistics and advertising keeping seller economics healthy and product prices significantly lower. The company's logistics flywheel arm, Valmo, has helped the firm to drive structural cost advantage.

The company has planned to use the IPO proceed to primarily fund cloud infrastructure, ai capabilities, marketing/brand initiatives and platform expansion. Motilal Oswal has given a 'Subscribe' rating to Meesho IPO.

"At 4.5x Price/Sales (Q2FY26 annualized & diluted), valuations look reasonable compared to other e-commerce players (average ~7x P/S); Hence, we recommend investors to 'Subscribe' to the issue," noted MOFSL in its IPO note.