Meesho FY23 revenue grows 77% to Rs 5,735 crore, loss narrows 48%
Ecommerce platform Meesho on Friday said its loss for the year ended March 31, 2023, narrowed by 48% to Rs 1,675 crore, while operating revenue for the period grew 77% to Rs 5,735 crore.
The Bengaluru-based online marketplace, which drives a majority of its sales from non-metro markets, had reported an operating revenue of Rs 3,232 crore in FY22, while incurring a loss of Rs 3,247 crore. The FY23 financials pertain to Meesho's Indian entity called Fashnear Technologies. Its parent firm is domiciled in the US–Meesho Inc.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIIM LucknowIIML Executive Programme in FinTech, Banking & Applied Risk ManagementVisitThe latest financials are yet to be filed with the registrar of companies (RoC).
For the first half of FY24 ended September 30, 2023, Meesho said its operating revenue increased 37% year-on-year to Rs 3,521 crore, with a 90% reduction in loss to Rs 141 crore. The company, however, said it has achieved profitability for the September quarter, without disclosing any numbers.
In August, Meesho CEO Vidit Aatrey had first said the firm had clocked its first profit after tax for the month of July.
Before that in May, Meesho fired 15% of its staff–251 employees. The company had said at the time this was being done for a ‘leaner organisational structure to achieve sustained profitability’.
The SoftBank and Peak XV Partners-backed firm said in a statement that it had been able to expand its revenue in FY23 on the back of improvements in transaction frequency and monetisation through various value-added services to
