Meesho, the e-commerce platform, has announced that its operating income increased by 77 per cent to Rs. 5,735 crore during the period ending March 31, 2023, while its loss decreased by 48 per cent to Rs. 1,675 crore.
With a loss of Rs. 3,247 crore, the Bengaluru-based online marketplace reported operational revenue of Rs. 3,232 crore for FY ’22. The majority of the marketplace’s sales come from non-metro locations. The FY ’23 financials concern Fashnear Technologies, Meesho’s Indian subsidiary. Meesho Inc. is its parent company, and it is based in the US.
Meesho said that its operating revenue for the first half of FY ’24, which ended on September 30, 2023, climbed 37 per cent year over year to Rs. 3,521 crore, while its loss decreased 90 per cent to Rs. 141 crore. Without providing any specific figures, the corporation did, however, declare that it had reached profitability for the September quarter.
The company claimed in a statement that it increased its revenue in FY ’23 as a result of increasing transaction frequency and monetizing sellers with a range of value-added services. The company stated that, among other things, “an increased focus” on customer acquisition costs and server and infrastructure expenditures is responsible for the decrease in loss.
According to the corporation, throughout the first half of FY ’24, cash flow was positive. The statement went on, “Meesho became the first horizontal e-commerce company to turn profitable in India since July 2023 and has continued to remain so, while the business continued to demonstrate sustainable growth.”
