Meesho Narrows Adjusted Losses To Rs 53 Cr

New Delhi: Softbank-backed Meesho on Wednesday said it has narrowed adjusted losses to Rs 53 crore in the financial year ended March 31, 2024 mainly on account of reduction in general and administrative expenses. The company had reported an adjusted loss of Rs 1,569 crore in the fiscal year 2022-23.

"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. "Consequently, our adjusted losses have narrowed by 97 per cent from Rs 1,569 crore to just Rs 53 crore, excluding Employee Share Based Compensation expense," a company statement said.