Meesho reduces losses to Rs 1,675 cr in FY23, revenue up 77%
Homegrown social commerce platform Meesho has lowered its losses by 49 per cent to 1,675 crore in FY23 from Rs 3,251 crore in FY22
image for illustrative purpose
New Delhi, Dec 29: Homegrown social commerce platform Meesho has lowered its losses by 49 per cent to 1,675 crore in FY23 from Rs 3,251 crore in FY22.
The company's revenue from operations surged 77 per cent to Rs 5,735 crore in FY23 from Rs 3,232 crore in FY22, according to reports.
“Our performance in FY23 saw us achieve ambitious goals that we had set for ourselves. We were among the first movers to adopt a discovery-led product interface, keeping in mind the needs and preferences of our user base -- Most of whom are new to online shopping,” Meesho said in a statement.
The SoftBank-backed company achieved this growth due to lower customer acquisition costs (CACs) and reduced spends on server and infrastructure components.
In the first half of FY24, Meesho’s revenue from operations was Rs 3,521 crore with incurred losses of Rs 141 crore.
“The revenue from operations in just these six months exceeded the full year revenues of FY22. The business continued to demonstrate sustainable growth,” according to the company.
Nearly 75,000 sellers achieved double-digit growth while over 20,000 sellers witnessed a 10-times jump in their business on Meesho.
The company said last week that nearly 10,000 Meesho sellers crossed the Rs 1 crore sales mark and 130,000 registered sales of over Rs 1 lakh during 2023.
