Meesho‘s operating revenues surged by 32.7%, reaching INR 7,615 Cr in FY24, up from INR 5,735 Cr the previous year.
Meesho adjusted losses to INR 53Cr
According to INC42, the startup reduced its adjusted losses to INR 53 Cr in FY24, a 96.6% decrease from INR 1,569 Cr last year, as stated in their blog on October 30. This figure excludes Employee Share-Based Compensation expenses.
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Meanwhile, e-commerce major’s higher revenue and reduced losses were due to more users and more frequent orders from existing customers. Orders delivered grew by 36% year-on-year to 843 million in FY24, up from 622 million in FY23.
“We became the first horizontal Indian ecommerce company to achieve profitability during the year and the first to generate positive free cash flow,” Meesho wrote in the blog post. They achieved an operating cash flow of INR 232 Cr for FY24. The company improved logistics, used Generative AI and Machine Learning for better discovery, and enhanced in-app experience and 24/7 customer support.
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Meesho secures about $1.36 Bn
Furthermore, Meesho has successfully reduced its operational expenses, thanks to growing consumer awareness and the efficiency of its online marketplace model. The company’s selling, management, and administrative costs have decreased significantly as a percentage of revenue.
Established by Vidit Aatrey and Sanjeev Barnwal in 2015, Meesho began as a social ecommerce startup. In 2022, it shifted to a marketplace model to compete with giants like Flipkart and Amazon. The startup has raised about $1.36 Bn and is currently valued close to $5 Bn.
