Horizontal e-commerce platform Meesho reported notable growth as its operating scale spiked 77% year-on-year to Rs 5,735 crore in FY23 from Rs 3,240 crore in FY22, according to its financial result published on the company’s blog.
The Bengaluru-based company provides marketplace services including delivery and order fulfillment to buyers on its social commerce platform and connects suppliers to them.
In a blog post, Meesho said it passed 14.5 crore app downloads in 2023 in India and crossed a milestone of 500 million downloads in H1 FY24.
With the effective cost mechanism, the company managed to control its customer acquisition costs, infrastructure cost, and various other other things, ultimately helping Meesho cut losses by 48% to Rs 1,675 crore in FY23 from Rs 3,248 crore in FY22.
Besides FY23 numbers, the company also released its H1 FY24 results, wherein the revenue was up by 37% YoY to Rs 3,521 crore, and losses were down by 90% YoY to Rs 141 crore in the same period.
Meesho also claimed to be profitable with positive cash flow in India since July 2023 and has continued to remain so, as per the blog post.
With a notable growth in scale and optimization of the selling, general, and administrative expenses, Meesho achieved significant growth in FY23 and H1 FY24. The launch of Meesho Mall, Project Suraksha, and onboarding of more than 25,000 non-GST sellers in two months are a few other factors contributing to Meesho’s growth, the company added.
Meesho’s H1 FY24 numbers suggest that the firm is prioritizing profitability with a decent growth in the ongoing fiscal year. Meesho claimed that it has been profitable since last July. Its complete profitable picture, however, will be evaluated when it releases FY24 numbers.
