SoftBank-backed Meesho records over 100 mn transacting users

Internet commerce firm says customers from smaller Indian cities drive its growth and account for 80% shopping.

SoftBank-backed internet commerce firm Meesho has acquired over 100 million transactors in the last one year.

The company said since March 2021 its transacting user base on the platform has grown more than fivefold and gross merchandise value (GMV) threefold. The company’s sells 40 million products.

“We have been the fastest to reach 100 million transacting users,” said Utkrishta Kumar, CXO--Business at Meesho. “Our vision to democratize e-commerce for everyone is truly being brought to life. As we go deeper into India’s underserved markets, we are on track to become the preferred e-commerce destination for the next billion users in the country."

Meesho competes with Walmart-owned Flipkart, Amazon and Reliance's JioMart to tap India’s online retail market, which is expected to reach $350 billion by 2030 from $45-50 billion now.

Customers from tier 2+ markets are key drivers of Meesho's growth, accounting for 80 per cent of all shoppers who have shown a preference towards kidswear, consumer electronics and home improvement categories.

Meesho said it witnessed a 85 per cent increase in seller registrations since April 2021, along with 3X growth in average seller revenue. With industry-first initiatives such as zero commission, zero penalty and 7-day payments, the company aims to accelerate seller acquisition and set them up for success on Meesho. Nearly 70 per cent of all Meesho sellers hail from tier 2+ cities.

“Meesho has enabled the creation of thousands of jobs for delivery personnel and enabled lakhs of MSMEs to succeed online,” said Kumar. “We are building a platform that enables growth and margins for MSMEs.”