Softbank-backed Meesho has claimed to be the first e-commerce unicorn to post consolidated profit after tax in the second quarter ended September 2023.
The company did not disclose the amount of profit it earned in the July-September period.
During the first-half period of the current financial year, the company narrowed its losses to Rs 141 crore ($17.7 million) with a 37 percent revenue rise on a year-over-year basis to Rs 3,521 crore.
The company attributed growth in business to increase in shopping app downloads in India in 2022 and 2023, hike in transaction frequency of existing customers, widening of category mix and focus on improving monetisation through various value-added seller services.
Commenting on the results, a Meesho spokesperson in a statement said, “Meesho recorded its first-ever full quarter profitability in the second quarter of financial year 2024 and continues to remain so. The positive momentum in the business continued post this period’s end and into the festive season as well where we witnessed continued growth across categories.”
“This is an impressive feat as Meesho became the first horizontal e-commerce company to turn profitable in India,” the spokesperson added.
Along with its e-commerce store, Meesho also runs a shopping app. In 2023, the app was downloaded 14.5 crore times, according to Data.ai.
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