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Meesho delivers profit, first by Indian e-tailer
Business Standard
|August 08, 2023
E-commerce platform Meesho on Monday announced that it achieved profitability in July at the consolidated profit after tax (PAT) level, on the back of an uptick in order volumes and revenue, and cost cuts.
"As the first horizontal e-commerce platform in India to achieve profitability, we remain committed to sustainable growth, democratising e-commerce for all, and unlocking the true potential of India's heartland," said Vidit Aatrey, chief executive officer and founder of Meesho.
The slim profit in July for the Bengaluru-based firm supported by the likes of SoftBank, Meta Platforms and Prosus accounts for all costs across all divisions and categories of the company, including employee stock ownership plans. The firm declined to reveal the PAT figure but said it was in "single digits", indicating it was under ₹10 crore.
"Over the past 12 months, Meesho has experienced significant growth, with a 43 per cent increase in order volume, culminating in over a billion orders," Dhiresh Bansal, chief financial officer at Meesho, told Business Standard.
Bansal said revenue grew by 54 per cent over the past 12 months, propelled by a substantial increase in order volumes and monetisation rate. "Meesho recorded $400 million in revenue from January to June 2023," said Bansal. "We anticipate ending the year with an annualised revenue exceeding $800 million."
The company is targeting a revenue of ₹10,000 crore by 2025.
This story is from the August 08, 2023 edition of Business Standard.
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