New Delhi, Oct 30 (PTI) 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.
Meesho's revenue from operations grew by 33 per cent to Rs 7,615 crore in FY'24, from Rs 5,735 crore in FY'23.
Meesho became the first horizontal Indian e-commerce company to achieve profitability during the year and the first to generate positive free cash flow for the full year, the statement said.
Its revenue from operations grew by 33 per cent to Rs 7,615 crore, fueled by 36 per cent year-on-year growth in orders delivered, the statement added.
The e-commerce firm reported a 36 per cent increase in order delivery to 84.3 crore in FY'24, from 62.2 crore in FY'23.
"Meesho has made impressive strides, with 145 million unique Annual Transacting Users (ATUs) in FY 2023-24, implying approximately 10 per cent of India has made a purchase through our platform," the company said.
Meesho said it observed a shift in consumer behavior, where consumers are not just buying multiple items within the same category, but also diversifying their basket across categories on its platform.
The e-commerce firm said that home and kitchen, beauty and personal care, and baby essentials segments emerged as the fastest-growing categories on the company's platform.
"We continued to be the most downloaded shopping app overall in India, and also crossed the overall 500 million install mark during the course of FY 2023-24," the statement said.