Meesho Becomes First Profitable Horizontal E-commerce Company in India

Meesho, the e-commerce platform backed by SoftBank, has announced a significant achievement by becoming profitable at a consolidated profit after tax (PAT) level. This marks a pioneering milestone in India’s e-commerce industry, encompassing all expenses across various divisions and categories of the company, including employee stock ownership plans (ESOPs).

Vidit Aatrey, the CEO and founder of Meesho, expressed their commitment to sustainable growth and democratizing e-commerce for everyone. Being the first horizontal e-commerce platform in India to attain profitability, Meesho’s focus on becoming profitable began last year. The company has remarkably achieved this industry milestone well ahead of the anticipated timeline, as of July 2023.

Dhiresh Bansal, the CFO at Meesho, shared that the company has undergone significant growth over the past year, witnessing a remarkable 43% surge in order volumes, totaling over a billion orders. This growth has contributed to a 54% increase in revenue during the same period, driven by heightened order volumes and monetization rates. The company’s revenue for the first half of 2023 alone reached $400 million, with projections pointing towards an annualized revenue exceeding $800 million by year-end.

With an eye on the future, Meesho has set its sights on achieving a revenue target of Rs 10,000 crore by the financial year 2025.