Meesho is an online platform that offers multi-category consumer products, including fashion, health care, beauty, electronics, and more. The platform offering various products announced a 33 percent YoY growth in its operating revenue to Rs 7,615 crore in FY24. The start-up provides several products, including office supplies, baby care, and sports, through its online platform and offline stores. The sale of these products and advertisements is the company’s primary source of revenue.
Entrackr mentioned in its report that the firm also earns income through commissions, interest on gains, and sales of other accessories. The data intelligence platform, tracxn mentioned that the startup had secured over 1.36 billion USD across multiple funding rounds since its inception, including 275 million raised during its series F funding round from Tiger global management, peak XV partners, and others at a valuation of $3.9 billion. The data intelligence platform, tracxn also posted the company’s post-money valuation to be around 3.9 billion USD. The e-commerce market saw an increase in investor interest.
The Bengaluru-based startup provides high-quality multi-category products to its customers. The online platform uses cutting-edge technologies to give customers a personalized feed and recommendations. This company achieved profitability in June last year and expects to reach full fiscal year profitability in FY2 or FY2i6. The company noticed the top categories on its platform were baby essentials, beauty and personal care, and home and kitchen products. The firm reduced its legal, promotion cost, warranty cost optimization, and other expenses in FY24. The company posted a 97 percent decrease in its losses to Rs 53 core in FY24. Entrackr reported. The company has investors including SoftBank, Y combinator, Facebook, and Peak XV partners.
The company aims to improve its performance capability and offer a seamless shopping experience. The firm controlled its losses and adjusted loss figure but the cost that has been excluded is unknown. Messho managed the profitability this financial year through cost-cutting measures. The e-commerce platform is the third largest horizontal e-commerce platform in India following Flipkart and Amazon. Meesho claims to have over 14.5 Crore unique annual transacting users on its platform with 50 crore downloads. The company is also focused on moving its domicile from the US to India. Meesho faces competition from other multi-category products providing e-commerce platforms such as Amazon, Nykaa, and Flipkart.
Conclusion:
The multi-category consumer product offering e-commerce platform Meesho announced a 33 percent YoY increase in its operational revenue to Rs 7,615 crore in FY24. This company offers several products including babycare, beauty and fashion, headphones, smart watches, health and fitness, and sports. The sale of these products and advertisements is the firm’s primary source of revenue. The loss also decreased by 97 percent to Rs 53 crore in FY24. The employee expenses and promotional and advertisement costs also decreased for this financial year. The startup minimized its losses following the profitability and controlled expenditure. The firm has secured over 1.36 billion USD across multiple funding rounds to date.
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