Online shopping platform Meesho has reportedly served a legal notice to some social media influencers and their agencies for maligning the company’s reputation.
According to the company, the smear campaign was highlighted in June 2022, when a Twitter user named Ravisutanjani Kumar observed that many social medial users had posted similar tweets and tagged the investors to defame the company.
This observation was seconded by SaltPe Co-Founder Udita Pal and Polygon Investment Lead Aashima Arora, who claimed that they were approached earlier in 2022 to post negative tweets about Meesho for monetary benefits.
Without naming any parties, Meesho claimed that this was not the first time the company was targeted by entities with vested interests. It added that the organization will continue to track the situation and consider stern legal action against those smearing its reputation.
The SoftBank-backed e-commerce startup was valued at USD 4.9 billion in September last year when it secured USD 570 million from B Capital and Fidelity.
The company is transitioning from an initial reseller-led model to direct customer selling. Additionally, it is striving to monetize by targeting small and medium sellers on the platform using a pay-for-performance ad model.
The Bengaluru-based company recently announced that the platform has been witnessing a 5X year-on-year growth in average daily orders to 2.4 million for the quarter ended in March.
Meanwhile, Meesho is planning to launch its IPO (initial public offering) in early 2023. The company aims to make itself ready for listing by the end of this year and is assessing exchanges in India as well as the United States.
Meesho appointed Dhiresh Bansal, the ex-investment banker at JPMorgan Chase, as Chief Financial Officer to streamline the financial activities of the startup ahead of the IPO. The company became a unicorn in April when it secured funding of USD 300 million from SoftBank Group.