Meesho, a horizontal e-commerce platform, according to its financial results posted on the company blog, experienced notable growth as its operating scale increased 77% year over year to Rs 5,735 crore in FY23 from Rs 3,240 crore in FY22. The Bengaluru-based business links suppliers with buyers on its social commerce platform and offers marketplace services like order fulfillment and delivery. Meesho announced on its blog that it had downloaded 14.5 crore apps in India in 2023 and 500 million in the first half of FY24.
In the end, the company helped Meesho reduce losses by 48% to Rs 1,675 crore in FY23 from Rs 3,248 crore in FY22 by controlling its customer acquisition costs, infrastructure costs, and various other expenses through the use of an efficient cost mechanism. In addition to the FY23 figures, the company also disclosed its H1 FY24 results, showing that during the same period, revenue increased by 37% YoY to Rs 3,521 crore while losses decreased by 90% YoY to Rs 141 crore. According to the blog post, Meesho also stated that it has been profitable with positive cash flow in India since July 2023 and has remained so.
Meesho saw notable growth in FY23 and H1 FY24 thanks to a notable increase in scale and optimization of the selling, general, and administrative expenses. The company also mentioned the opening of Meesho Mall, Project Suraksha, and the onboarding of over 25,000 non-GST sellers in just two months as additional factors fueling Meesho’s expansion.
Meesho’s H1 FY24 financial results indicate that, with a respectable growth rate in the current fiscal year, the company is putting profitability first. Meesho asserted that since last July, it has turned a profit. When it releases FY24 numbers, however, the full picture of its profitability will be assessed.