Meesho reports 33% increase in revenue to Rs 75,150 million; sees 35% order growth

In FY24, the company achieved another milestone by becoming the first horizontal e-commerce platform to generate operating cash flow of Rs 232 crore for the year.

By  Storyboard18Dec 13, 2024 5:41 PM
Meesho reports 33% increase in revenue to Rs 75,150 million; sees 35% order growth
Ladakh, Uttar Pradesh, and Bihar have emerged as key contributors to the platform’s expanding user base.

Meesho, the SoftBank-backed e-commerce platform, has announced growth figures for 2024, with a 35% year-on-year increase in orders and a 25% rise in active users, bringing the total to 175 million. It also reported a 33% increase in revenue from operations, reaching Rs 76,150 million, with repeat purchases and the growing number of annual transacting users contributing to this uptick.

In FY24, the company achieved another milestone by becoming the first horizontal e-commerce platform to generate operating cash flow of Rs 232 crore for the year. As per the company, this growth is attributed to the rising consumption and the expanding adoption of e-commerce, particularly in Tier 2 and smaller towns.

The company highlighted that the surge in order volumes was driven by increased demand in categories such as Beauty and Personal Care (BPC) and Home and Kitchen as these categories saw cumulative growth of 70% in orders, driven by increasing demand from emerging markets. Meesho Mall, which features larger brands, saw 117% increase in sales. Brands like Lotus, Joy, Renee, and Dollar reported significant growth on the platform.

The expansion of e-commerce in India’s emerging markets, where consumers are seeking affordable options, has helped fuel Meesho’s growth. Ladakh, Uttar Pradesh, and Bihar have emerged as key contributors to the platform’s expanding user base.

Despite the challenging market environment, Meesho reported sustained growth, with nearly half of its new users coming from smaller towns. The platform retained its position as the most downloaded shopping app in India for the fourth consecutive year, surpassing 210 million downloads.

The Gen Z demographic has become a significant driver of growth for Meesho, now accounting for one-third of its total user base. This trend signals a broader shift towards value-conscious, high-quality products, particularly in smaller towns, reshaping India’s e-commerce landscape.

On the security front, Meesho made strides in combating fraud. The platform prevented over 22 million fraudulent transactions and blocked 7.7 million scam attempts. The company also reduced lottery fraud by 75%, and in collaboration with law enforcement, addressed over 98% of account takeover fraud cases, resulting in multiple arrests.

Additionally, Meesho took down 18,000 fake social media accounts and 130 fraudulent websites and apps, further bolstering its commitment to user safety.

First Published on Dec 13, 2024 4:54 PM

More from Storyboard18

Advertising

Navi Mumbai airport sells 70% of ad space before opening; Jewar follows close behind

Navi Mumbai airport sells 70% of ad space before opening; Jewar follows close behind

Digital

YouTube turns 20: 20 billion videos, 20 million daily uploads and a reinvention

YouTube turns 20: 20 billion videos, 20 million daily uploads and a reinvention

Digital

Apple to shift assembly of all US-sold iPhones to India by 2025

Apple to shift assembly of all US-sold iPhones to India by 2025

Advertising

UP govt plans to replace traditional hoardings with digital displays

UP govt plans to replace traditional hoardings with digital displays

Digital

Perplexity AI joins forces with Motorola to bring answer engine to smartphones

Perplexity AI joins forces with Motorola to bring answer engine to smartphones

Brand Makers

Rob Lake and the return of live spectacle in a digital world: The master of illusion in India

Rob Lake and the return of live spectacle in a digital world: The master of illusion in India

Brand Marketing

Zerodha’s Nithin Kamath raises alarm over apps misusing user data without consent

Zerodha’s Nithin Kamath raises alarm over apps misusing user data without consent

Digital

Alphabet Q1 2025: Google's ad revenue growth slows, hits $66.89 billion in the quarter

Alphabet Q1 2025: Google's ad revenue growth slows, hits $66.89 billion in the quarter