Meesho sees adjusted losses narrow by 97% in FY24

Fashion and lifestyle e-commerce platform Meesho saw its revenue from operations increase by 33% in the 2024 financial year. The Bengaluru headquartered business also saw its adjusted losses narrow by 97% year on year during the fiscal year to Rs 53 crore.

“Our selling, general, and administrative (SG&A) expenses as a percentage of revenue from operations declined sharply, driven by strong consumer awareness and organic traction, alongside the significant operating leverage that comes with a marketplace e-commerce model,” said Meesho in a statement, the Press Trust of India reported. “Consequently, our adjusted losses have narrowed by 97% from Rs 1,569 crore to just Rs 53 crore, excluding employee share-based compensation expense.”
 
Meesho’s revenue from operations totalled Rs 7,615 crore in the 2024 financial year compared to Rs 5,735 crore in the 2023 financial year. The Softbank-backed business attributed much of its net loss reduction to a decrease in general and administrative expenses, enabling a significant drop from its losses of Rs 1,569 crore in the 2023 financial year. The business also saw 36% year on year growth in its orders delivered.
 
“Meesho has made impressive strides, with 145 million unique annual transacting users (ATUs) in FY 2023-24, implying approximately 10% of India has purchased through our platform,” said Meesho. “We continued to be the most downloaded shopping app overall in India, and also crossed the overall 500 million install mark during FY 2023-24.”