Bengaluru-based e-commerce unicorn Meesho reported a 77 per cent y-o-y increase, reaching ₹5,735 crore in revenue from operations for FY23 from₹3,240 crore in FY22, the company said in a blog post.

Further, it revealed that in H1FY24, revenue continued to rise, marking a 37 per cent y-o-y increase to ₹3,521 crore.

Financial improvement

Notably, Meesho witnessed a 48 per cent reduction in losses, declining from ₹3,248 crore in FY 2021-22 to ₹1,675 crore in FY23. During H1FY24, while losses plummeted by 90 per cent y-o-y to ₹141 crore, it also claimed to stay cash flow positive for the entire period of H1FY24.

The start-up attributed its financial improvement to maintaining leadership as India’s most downloaded shopping app in 2022 and 2023. It also highlighted increased transaction frequency, category expansion and a focus on monetisation through value-added seller services.

According to data.ai, the platform recorded 14.5 crore app downloads in 2023 in India.

Strategic expansion

Popular for its non-branded offerings—expanding its base—this year, the start-up also entered the branded segment with Meesho Mall for products across categories such as personal care and beauty, footwear and electronic accessories.

Currently, Meesho Mall has partnered with over 500 national and regional brands. In the last 6 months, the company has processed 2 crore orders, with more than 75 per cent coming from Tier 2+ cities, said the company.

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