New Delhi, Oct 30 – Softbank-backed Meesho announced on Wednesday that it has successfully narrowed its adjusted losses to ₹53 crore for the financial year ending March 31, 2024. This significant reduction is primarily attributed to a decrease in general and administrative expenses.
In comparison, the company had reported an adjusted loss of ₹1,569 crore in the fiscal year 2022-23. The firm noted that its Selling, General, and Administrative (SG&A) expenses as a percentage of revenue dropped markedly, fueled by strong consumer awareness and organic traction, alongside the operational advantages of its marketplace e-commerce model.
“Our adjusted losses have been reduced by 97 percent, from ₹1,569 crore to just ₹53 crore, excluding Employee Share Based Compensation expenses,” a company statement revealed.
Meesho’s revenue from operations rose by 33 percent to ₹7,615 crore in FY’24, up from ₹5,735 crore in FY’23. The company made history as the first horizontal Indian e-commerce firm to achieve profitability in the fiscal year and to generate positive free cash flow for the full year.
The number of orders delivered surged by 36 percent, reaching 84.3 crore in FY’24 compared to 62.2 crore the previous year. Meesho reported 145 million unique Annual Transacting Users (ATUs) in FY 2023-24, indicating that approximately 10 percent of India has made a purchase through its platform.
The e-commerce firm observed a shift in consumer behavior, with users increasingly diversifying their shopping baskets across various categories rather than just purchasing multiple items within the same category. Home and kitchen, beauty and personal care, and baby essentials emerged as the fastest-growing segments on the platform.
Furthermore, Meesho continued to dominate as the most downloaded shopping app in India, surpassing the 500 million install mark during FY 2023-24.
