• Mon. Jun 17th, 2024

Meesho: Meesho’s revenues rise; losses narrow in FY23


Dec 29, 2023
Meesho: Meesho’s revenues rise; losses narrow in FY23


NEW DELHI: Meesho’s revenue from operations increased by 77% year-on-year to Rs 5,735 crore in FY23. The e-commerce firm which competes with players like Flipkart and Amazon claims to have narrowed its losses to Rs 1,675 crore in FY23 from Rs 3,248 crore in FY22.
“Our continued toplinegrowth was further augmented by operating leverage and an increased focus on efficiencies across a number of cost items, be it customer acquisition cost, server and infrastructure cost and many others,” Meesho said in a blog post on Friday.
For the first half (April-September period) of FY24, consolidated revenue from operations grew by 37% y-o-y to Rs 3,521 crore. Losses for the period stood at Rs 141 crore, recording a y-o-y decline of 90%. Meesho said that the company managed to turn profitable in Q2FY24 and has sustained it thus far.
“Over the past two years, our focus on profitable growth through cost optimisation initiatives, combined with operating leverage, has significantly enhanced our profitability,” the firm said.
Meesho said that its ability to offer a wide choice of selection and low prices are nudging customers to download its app without any elaborate marketing push.
“The revenue from operations in just these six months (April-September) exceeded the full year revenues of FY2021-22…..the positive momentum in the business continued post this period’s end and spilling into the festive season as well where we witnessed continued growth across categories,” the company said.


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