Meesho, an e-commerce platform based in India, has significantly reduced its losses to ₹53 crore in FY24 while witnessing a 33% increase in revenue to ₹7,615 crore. The company, backed by SoftBank, attributes its growth to operational efficiencies and technological advancements.
Meesho, a Bengaluru-based e-commerce platform backed by SoftBank, reported a significant improvement in its financial performance for the fiscal year 2024. The company’s losses reduced to ₹53 crore from ₹1,569 crore in FY23, while revenue surged by 33% to ₹7,615 crore, according to its annual report released on Wednesday.
Meesho operates as a cost-effective online marketplace connecting small businesses with consumers. The company has gained prominence in India’s e-commerce landscape by offering affordable products across various categories, including fashion, home and kitchen, beauty, and baby essentials.
According to the report, Meesho became the first horizontal Indian e-commerce firm to achieve profitability in FY24, also generating a positive free cash flow of ₹197 crore for the year. The company credited its growth to improvements in logistics, the integration of Generative AI and Machine Learning for better user experience, and optimized customer support.
“Our revenue from operations grew 33% to ₹7,615 crore, driven by an increase in our unique annual transacting users and higher order frequency among existing loyal customers,” the report stated.
Vidit Aatrey, Founder and CEO of Meesho, emphasized the importance of Free Cash Flow (FCF) over traditional financial metrics such as EBITDA or PAT, stating that FCF per share serves as the best indicator of a company’s financial health.
In FY24, Meesho recorded a 31% increase in order volumes, reaching 134.2 crore transactions. The company reported that in the first nine months of the fiscal year, it had already received 133.3 crore orders, nearly surpassing its previous year’s total.
The surge in transactions was driven by rising demand across various product categories, with the platform attracting 18.7 crore transacting consumers over the last 12 months—making it the highest among Indian e-commerce platforms.
Meesho’s continued expansion and operational improvements reinforce its position in India’s competitive e-commerce sector. The company’s ability to sustain profitability and increase transaction volumes highlights its growing influence in the market.
