Meesho reported a 32.7% surge in operating revenues to 7,615 Cr in FY24 from INR 5,735 Cr in the previous fiscal year
The startup attributed this higher revenue and narrower losses to an increase in annual transacting users and a rise in order frequency from existing customers
Notably, it saw a 36% YoY growth in orders delivered to 843 Mn in FY24 from 622 Mn in FY23
Ecommerce major Meesho
reported a 32.7% surge in operating revenues to 7,615 Cr in the financial year ending March 2024 (FY24) from INR 5,735 Cr in the previous fiscal year.
The startup was also able to narrow its adjusted losses to INR 53 Cr in FY24, a 96.6% reduction from INR 1,569 Cr recorded in the previous fiscal year, the company said in a blog today (October 30). This adjusted loss excludes Employee Share-Based Compensation expense.
The startup attributed this higher revenue and narrower losses to an increase in annual transacting users and a rise in order frequency from existing customers. Notably, it saw a 36% YoY growth in orders delivered to 843 Mn in FY24 from 622 Mn 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.
The company achieved an operating cash flow of INR 232 Cr for FY24.
The company said that it was able to enhance its logistics and leverage Generative AI and Machine Learning for better discovery, while also improving in-app experience and round-the-clock customer support.
Driven by consumer awareness, organic traction and operating leverage that comes with a marketplace e-commerce model, the company said that it was able to reduce its Selling, General, and Administrative (SG&A) expenses as a percentage of Revenue from Operations.
Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho was the poster child of the social ecommerce startup. In 2022, it pivoted to a marketplace place to take on marketplace giants like Flipkart and Amazon.
The startup has raised around $1.36 Bn in funding and is valued close to $5 Bn to date.
