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Meesho posts Rs 1,032 crore free cash flow in FY25, surpasses Zomato, Swigg, Nykaa
Besides, Nykaa is the only other major platform with positive FCF at Rs 339 crore, supported by a capital-efficient marketplace, favourable working capital, and improving private-label margins.
Meesho loss before tax and exceptional items narrowed from Rs 1,672 crore in FY23 to Rs 108 crore in FY25.
Meesho has emerged as India’s largest free cash flow (FCF) generator among scaled, listed e-commerce companies in FY25, marking a rare turnaround in the sector. The company’s Last Twelve Months (LTM) Free Cash Flow swung from a negative Rs 2,336 crore last year to a positive Rs 1,032 crore (including interest income) and Rs 591 crore excluding interest income, according to industry estimates.
In comparison, most prominent consumer internet players continue to burn cash. Zomato reported a negative FCF of Rs 628 crore. FirstCry (–Rs 2,889 crore) and Swiggy (–Rs 2,920 crore) remain the biggest cash burners, driven by high customer acquisition spends, delivery-heavy operations, and expansion in new verticals.
Beauty-and-fashion marketplace Nykaa is the only other major platform with positive FCF at Rs 339 crore, supported by a capital-efficient marketplace, favourable working capital, and improving private-label margins.
India’s e-commerce contrast becomes more striking when compared with global benchmarks. PDD Holdings (Pinduoduo) generated US$16.6 billion in FCF in FY24, driven by scale-led ad monetisation and ultra-efficient supply chains. Uber produced US$6.9 billion, while Airbnb delivered US$4.5 billion with a nearly 40% FCF margin. Latin American online giant MercadoLibre recorded US$1.3 billion in adjusted free cash flow last fiscal.
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Read More“Confusion creates opportunity for agile players,” Sir Martin Sorrell on industry consolidation
Looking ahead to the close of 2025 and into 2026, Sorrell sees technology platforms as the clear winners. He described them as “nation states in their own right”, with market capitalisations that exceed the GDPs of many countries.