Meesho, backed by Softbank, proudly announced its status as the first e-commerce unicorn to achieve consolidated profitability in the second quarter ending September 2023. The company, however, did not disclose the specific profit amount for this period.
During the first half of the current financial year, Meesho reported a significant reduction in losses to Rs 141 crore, coupled with a remarkable 37% year-over-year increase in revenue to Rs 3,521 crore.
Marking a historic achievement, Meesho recorded its maiden full-quarter profitability in the second quarter of the financial year 2024 and has sustained this positive momentum. The company’s success extended into the festive season, witnessing continued growth across various categories. Notably, Meesho stands out as the first horizontal e-commerce company in India to turn a profit.
The company attributes its business growth to multiple factors, including a surge in shopping app downloads in India in 2022 and 2023, increased transaction frequency among existing customers, a diversified category mix, and a focus on enhancing monetization through various value-added seller services.
According to data from data.ai, Meesho achieved an impressive 14.5 crore app downloads in India in 2023, and in the first half of the financial year 2023-24, it surpassed the monumental milestone of 500 million downloads.
The growth in downloads is primarily attributed to organic word-of-mouth momentum, benefiting from the platform’s wide selection and competitive pricing. Overall, Meesho’s success underscores its strategic approach and adaptability in the dynamic e-commerce landscape.