Jain added that long-term focused companies with strong consumer orientation will continue to be exciting for the general public, underscoring optimism around Meesho’s trajectory.

The company had listed on the National Stock Exchange at Rs 162.50 per share, marking a premium of 46.40% over their IPO price. Shares of Meesho are currently trading nearly 60% higher at Rs 177.49 apiece, as of 02:00 p.m.

The Bengaluru-based online marketplace, which competes with companies like Amazon and Flipkart to sell a range of products, was booked 79.03 times on the final day of subscription.

The company will use Rs 1,390 crore from the proceeds to invest in cloud infrastructure in Meesho Technologies Pvt. Ltd, its subsidiary, while Rs 480 crore will be used to pay the salaries of existing and replacement hires for the Machine Learning, AI and technology teams.

The company will also allocate Rs 1,020 crore to marketing and brand initiatives in its subsidiary Meesho Technologies.