E-commerce platform Meesho losses of Rs 53 crore in FY 24

MUMBAI Mumbai: E-commerce platform Meesho on Wednesday reported a lack of Rs 53 crore for FY 2023-24, in comparison to Rs 1,569 crore in FY 2022-23, a 97 in keeping with cent decline within the determine. Meesho’s working income grew 33 in keeping with cent to Rs 7,615 crore in FY24, in comparison to Rs 5,735 crore previous. The corporate stated its order deliveries grew 36 in keeping with cent within the final monetary 12 months. The decline in losses used to be because of expansion in different spaces equivalent to logistics. This comprises leveraging generative AI and gadget finding out for potency in addition to higher seek, higher in-app reports, and round the clock buyer fortify.

In FY 2023-24, the e-commerce platform generated sure unfastened money float and working money float of Rs 232 crore. It used to be unfavorable Rs 2,303 crore in FY 2022-23. Meesho won 1,342 million orders in FY 2023-24, in comparison to 1,037 million previous, appearing a expansion of 29 % year-on-year. This used to be basically because of the rise in customers making annual transactions in addition to upper order frequency from consumers.

Meesho stated distinctive annual transacting customers (ATU) reached 145 million in FY 2023-24, which means that about 10 % of India’s other folks have made purchases thru e-commerce platforms. . The corporate additional stated that customers aren’t best purchasing more than one pieces in one class, however also are turning to Meesho for a various vary in their day-to-day wishes. In consequence, house & kitchen, good looks & non-public care, and child necessities emerged because the quickest rising classes.

In Would possibly 2024, Meesho raised $275 million from current traders equivalent to SoftBank, Prosus, Elevation Capital, and Height XV Companions. Buyers within the e-commerce platform come with Meta, Height XV, Prosus Ventures, B Capital and SoftBank. The newest investment valued Meesho at $3.9 billion. In January this 12 months, international funding company Constancy had decreased the price of its stake in social trade platform Meesho to $3.5 billion.