E-commerce platform Meesho on Wednesday reported a Rs 53 crore loss for FY 2023-24, while narrowing down the figure by 97 per cent from Rs 1,569 crore in FY 2022-23.
Meesho's revenue from operations grew by 33 per cent to Rs 7,615 crore in FY 2023-24 against Rs 5,735 crore earlier.
The company said its orders deliveries grew by 36 per cent in the last financial year.
Reasons behind the decrease in the loss were efficiencies across multiple areas like logistics, as well as leveraging Generative AI and Machine Learning for better discovery, improved in-app experience and round-the-clock customer support.
In FY 2023-24, the e-commerce platform generated positive free cash flow and an operating cash flow of Rs 232 crore. It was negative Rs 2,303 crore in FY 2022-23.
Meesho received 1,342 million orders in FY 2023-24, against 1,037 million earlier, which shows a 29 per cent YoY (Year-on-Year) increase. This was primarily driven by an increase in the annual transacting users as well as higher order frequency from customers.
Meesho said the unique annual transacting users (ATUs) figure reached 145 million in FY 2023-24, implying approximately 10 per cent of India has made a purchase through the e-commerce platform. The company further said consumers are not just buying multiple items within the same category, but are also turning to Meesho for a diverse range of their daily needs. As a result, home & kitchen, beauty & personal care, and baby essentials emerged as the fastest-growing categories.
In May 2024, Meesho raised $275 million from existing investors like SoftBank, Prosus, Elevation Capital and Peak XV Partners. The e-commerce platform has Meta, Peak XV, Prosus Ventures, B Capital, and SoftBank among its investors. The latest funding valued Meesho at $3.9 billion. In January this year, global investment firm Fidelity had marked down the value of its holding in social commerce platform Meesho, to $3.5 billion.
(With inputs from IANS)
