Meesho shares climbed over 3% on Tuesday, touching an intraday high of ₹195.90 on the NSE, after a ₹1,949 crore block deal hit the counter.

Roughly 10.48 crore shares, or 2.27% of Meesho’s total equity, changed hands in a block deal window at an average price of ₹186 per share.

The identities of the buyers and sellers have not been officially disclosed yet. This wasn’t entirely a surprise.

A day earlier, reports had suggested that early backers Peak XV Partners and Elevation Capital were preparing to sell close to 10.5 crore shares, worth an estimated ₹1,900 crore, at a floor price of ₹182.08 apiece.

That works out to roughly a 5% discount to Monday’s closing price of ₹191.57. As of the June quarter, Peak XV’s various investment arms together held over 11% in Meesho, while Elevation Capital V Ltd owned around 12.04%.

On the business front, Meesho’s numbers have been improving. Its first quarter results, announced last month, showed a net loss of ₹132.8 crore, down sharply from a loss of ₹289.4 crore in the same period last year.

Revenue from operations jumped 48% year-on-year to ₹3,712.8 crore.

At 10:06 am, Meesho was trading at ₹194.63 on the NSE, up 1.60% on the day, taking its total market capitalisation to around ₹89,965 crore.

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