Meesho's Order Growth up 34% YoY in Apr-Dec on Increased Frequency, Diversity of Purchases Meesho clocked 3.7 million orders per day, generating INR 197 crore in free cash flow. The platform featured 110 million daily active listings and have created 85,000 jobs so far, the company said.
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IPO-bound e-commerce platform Meesho recorded 1.3 billion orders during April – December of this financial year, marking a 34 per cent YoY growth, the company said in its latest annual report.
The growth reflects "the increasing frequency and diversity of purchases, with more people turning to Meesho for a wide range of their daily needs. This trend has driven impressive growth across categories like Home & Kitchen, Beauty & Personal Care, and Baby Essentials," Meesho said.
The annual report comes in the backdrop of Meesho planning to raise around USD 1 billion in an initial public offering (IPO) at a valuation of USD 10 billion during Diwali. Fidelity in January this year had slashed Meesho's valuation to USD 3.5 billion. The startup was valued at USD 4.9 billion as of September 2021.
Meesho clocked 3.7 million orders per day, generating INR 197 crore in free cash flow. The platform featured 110 million daily active listings and have created 85,000 jobs so far, the company said.
Meesho CEO and Co-founder, Vidit Aatrey, said, "Consumers are at the core of our marketplace. We offer consumers a wide assortment of over 110 million daily active listings at attractive price points, and make their e-commerce experience simple, engaging, and hyper-personalized through AI-driven recommendations. As of December'24, 187 million consumers transacted on our platform in the previous twelve months, the highest amongst e-commerce platforms in India".
He said the overall growth was made possible with the help of their logistics partner, among other things.
"We work with 6,000+ logistics partners through Valmo, our in-house logistics platform, and multiple 3PL express parcel delivery companies. Valmo, our asset-light in-house logistics platform, leverages the existing unutilized capacity of our logistics partners to fulfil our high order volumes across 15,000+ pincodes of the country. This enables them to utilize their logistics assets better and have higher earning opportunities by integrating with our platform," he said.
The use of Artificial Intelligence (AI) has played a key role in driving the growth of their business. "AI also powers GenAI-driven customer support, delivering seamless assistance in six Indian languages. Our GenAI chatbot resolves 90 per cent of user queries at one-fifth the cost, achieving higher Customer Effort Score (CES) and Customer Satisfaction (CSAT) compared to human agents, while voice bots offer human-like interactions with exceptional cost and latency efficiency," said Sanjeev Barnwal, Founder & Chief Technology Officer, Meesho.
Meesho has reported a reduction in its losses, which went down to INR 53 crore in FY24. The company's revenue grew 33 per cent reaching INR 7,615 crore. In comparison, the e-commerce platform had posted a loss of INR 1,569 crore and a revenue of INR 5,735 crore in FY23.
