Bengaluru-based e-commerce platform Meesho has posted its first-ever profitable quarter during the July–September period of the current fiscal.
In a blog post, the company said it turned profitable in Q2 of FY24. "Meesho also became the first horizontal e-commerce company to turn profitable in India since July 2023 and has continued to remain so. The positive momentum in the business continued post-this period's end, spilling into the festive season as well, where we witnessed continued growth across categories," it said.
For the first half of FY24, the company said it posted consolidated revenue from operations of Rs 3,521 crore, up 37% year-on-year. The loss for the period came in at Rs 141 crore, but the company remained cash flow positive for the entire period, it said.
"The revenue from operations in just these six months exceeded the full-year revenues of FY22."
In comparison, the company posted a revenue of Rs 5,735 crore in FY23, a 77% increase. That came alongside a 50% decline in loss to Rs 1,675 crore.
"This growth was achieved on the back of our continued leadership position as the most downloaded shopping app in India in 2022 and 2023, the increased transaction frequency of our existing customers, a widening category mix and a redoubled focus on improving monetisation through various value-added seller services," it said.
"Our continued topline growth was further augmented by operating leverage and an increased focus on efficiencies across a number of cost items, be it customer acquisition costs, server and infrastructure costs, and many others."
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