According to a recent report by Alliance Bernstein, the current Gross Merchandise Value (GMV) of Meesho, a value-driven e-commerce startup, is over USD 5 billion. The report further reveals that Meesho generates around 50% of its GMV from fashion and apparel categories, with beauty and personal care, along with home and kitchen, accounting for 8-10% each.
In the fiscal year 2023, Flipkart, the leading player in the market, recorded a Gross Merchandise Value (GMV) of USD 29 billion.
Sharing numbers for December 2023, the report highlighted Meesho’s impressive 32 percent Year-over-Year (YoY) growth in monthly active users, surpassing its counterparts Flipkart and Amazon, which recorded growth rates of 21 percent and 13 percent, respectively.
The report stated that the e-commerce company is currently the fastest-growing platform in India, with approximately 120 million average monthly active users.
Additionally, the report mentioned that Meesho constitutes a 48 percent share of total e-commerce downloads in India.
Continue Exploring: Meesho reports 14 Crore customer transactions in 2023, with 80% of orders originating beyond tier 2 cities
“We expect Meesho to be the key gainer with >48%+ downloads in Indian e-commerce and gain incremental market share.”
According to the report, Meesho has been expanding its market share predominantly by strategically targeting tier 2 plus cities, leveraging its mass positioning and operating through a zero commission model.
Around 80% of Meesho’s sellers are retail business owners, and about 95% of the selection on the platform is unbranded.
According to the findings, Meesho’s order volume witnessed a remarkable 43% year-over-year growth in the last 12 months, accompanied by a robust 54% increase in revenue attributed to healthy take rates. Notably, the e-tailer’s repeat customer base stands at over 80%.
Last month, Meesho announced a notable 77% increase in revenue for FY23, reaching INR 5,735 crore. This substantial growth was driven by the company’s sustained leadership position, elevated transaction frequency among existing customers, a broadened category mix, and an intensified focus on enhancing monetization through value-added seller services.
Continue Exploring: Meesho’s FY23 revenue soars to INR 5,735 Crore, marking a 77% growth as losses narrow by 48%
For H1FY24, the online retailer experienced a 37% year-over-year surge in consolidated revenue from operations, totaling INR 3,521 crore. During this period, Meesho successfully slashed its losses by 90% compared to the previous year, marking a significant achievement as the company turned profitable in Q2 FY24.
On Thursday night, Fidelity Investments, a US-based Asset Management Company, revised Meesho’s valuation from USD 5 billion to USD 4.1 billion.