SUMMARY
- Meesho’s operational revenue surged 32.7% to ₹7,615 crore, and losses dropped 96.6% to ₹53 crore in FY24.
- Orders rose by 36% to 843 million, aided by increased user activity and order frequency in FY24.
- The firm improved logistics, customer service, and AI-driven discovery, reducing SG&A expenses for profitable growth.
E-commerce giant Meesho reported operational revenues that increased by 32.7% to 7,615 crore in the fiscal year that ended in March 2024 (FY24) from ₹5,735 crore in the previous fiscal year.
According to a blog post published today (October 30), the startup was also able to reduce its adjusted losses to ₹53 crore in FY24, which is 96.6% less than the ₹1,569 crore recorded in the previous fiscal year. Employee share-based compensation costs are not included in this adjusted loss.
The blog post stated, “We became the first horizontal Indian ecommerce company to achieve profitability during the year and the first to generate positive free cash flow.”
The business credited a growth in annual transacting users and an increase in order frequency from current customers for the improved revenue and reduced losses. Notably, orders shipped increased by 36% year over year to 843 million in FY24 from 622 million in FY23. For FY24, the company’s operating cash flow was ₹232 crore.
In addition to boosting in-app experience and 24/7 customer service, the company claimed to have improved its logistics and used Generative AI and Machine Learning for better discovery. It additionally claimed that it was able to lower its Selling, General, and Administrative (SG&A) expenses as a percentage of Revenue from Operations thanks to customer awareness, organic growth, and the operating leverage that comes with a marketplace e-commerce model.
Vidit Aatrey and Sanjeev Barnwal-led e-commerce giant Meesho was founded in 2015. The firm is currently valued at about $5 billion and has raised about $1.36 billion in investment.
