Page 6 - Meesho

US-based Fidelity cuts SoftBank-backed Meesho's valuation to $3.5 bn

This is a decline of about 29 per cent from the SoftBank-backed company's peak valuation of $4.9 billion

Meesho delists 200,000 products; to reduce visibility of low-rated items

Softbank-backed Meesho on Tuesday said it has delisted nearly 2 lakh products from its e-commerce platform in the last quarter after quality check and plans to reduce visibility of low-rated items by 20 per cent within six months. The company said that quality evaluation was conducted through a comprehensive analysis of customer reviews, ratings and feedback. "Post evaluation, Meesho delisted nearly 2 lakh products in the last quarter alone. Meesho has further invested in the power of artificial intelligence to fortify quality checks while continuously working to improve key word databases and detection capabilities on the platform," the company said. The company further said that it determines quality through customer reviews, ratings and feedback as well as through any reported issues or returns related to the product's condition, functionality, or overall satisfaction. The e-commerce firm largely focuses on small sellers that mostly sell unbranded products on the platform. "Ove

Flipkart leads e-comm mkt with 48% share, Meesho fastest growing platform

Walmart group firm Flipkart continues to dominate the e-commerce segment with 48 per cent market share while Softbank-backed Meesho has emerged as the fastest growing e-commerce platform in terms of user base in India, a latest report by AllianceBernstein said. According to the report, Flipkart's user base grew 21 per cent year-on-year (YoY), Meesho accelerated at 32 per cent while Amazon lagged at 13 per cent user growth primarily due to relative premium offerings as compared to peers. " As of FY23, Flipkart was the market leader, with a 48 per cent share in India eCommerce. Flipkart continues to grow faster than the industry... Mobile and apparel to be the largest categories for Flipkart with around 50 per cent and 30 per cent mix. Flipkart is estimated to hold 48 per cent and 60 per cent market share in online smartphone and online fashion market respectively," the report said. The report attributed growth in Meesho's market share primarily to its strategic focus Tier 2 and small

Fidelity reduces valuations of Meesho, Pine Labs as of October 2023

In September 2021, Fidelity led a $570 million round in Meesho along with B Capital Group, a venture capital firm co-founded by Facebook Co-Founder Eduardo Luiz Saverin

E-commerce firm Meesho recruits 150 during campus hiring, to take in more

Recruitments reflect 'robust road map for 2024', says Meesho, which is an e-commerce firm backed by SoftBank

Meesho turns profitable with losses halved to Rs 1,675 cr in FY23

The company's revenue grew 77 per cent to Rs 5,735 core

Meesho posts 1st profitable quarter in FY24; loss dips to Rs 141 cr in H1

Softbank-backed Meesho on Friday said it became the first e-commerce unicorn to post consolidated profit after tax in the second quarter ended September 2023. The company did not disclose the amount of profit it earned in the July-September period. During the first-half period of the current financial year, the company reported narrowing of losses to Rs 141 crore and an increase in revenue by 37 per cent on a year-over-year basis to Rs 3,521 crore. "Meesho recorded its first-ever full quarter profitability in the second quarter of financial year 2024 and continues to remain so. The positive momentum in the business continued post this period's end and into the festive season as well where we witnessed continued growth across categories. This is an impressive feat as Meesho became the first horizontal e-commerce company to turn profitable in India," a Meesho spokesperson said. The company said it had posted its first-ever profit in July. "Consolidated revenue from operations were Rs

Nearly 75,000 sellers on Meesho record double digit growth in sales

Around 75,000 sellers achieved double-digit growth while over 20,000 sellers witnessed a 10-times jump in their business on Softbank-backed e-commerce firm Meesho, the company said on Sunday. Meesho is the first unicorn e-commerce firm to have reported profit this year and it claims to have maintained the profitability since it first reported the performance in July. The company claimed that nearly 10,000 Meesho sellers crossed the Rs 1 crore sales mark and 130,000 registered sales of over Rs 1 lakh during 2023. Around "60 per cent of these sellers come from small towns like Avinashi, Bharuch, Fiazabad and Silchar", Meesho said. Meesho said that it added around 7 lakh new sellers this year taking the total number to 15 lakh this year. The company recorded transactions for 14 crore customers and claimed that nearly 80 per cent of the orders came from tier 2 and smaller markets. Meesho said that it recorded a unique pattern of customers placing maximum orders on Sunday. "Indian sho

Softbank-backed Meesho adds nearly 25,000 non-GST sellers in 2 months

Softbank-backed Meesho on Friday said it has onboarded nearly 25,000 non-GST sellers since October 2023. In July, the GST Council provided exemption to small businesses having turnover below Rs 40 lakh in case of goods and Rs 20 lakh in case of services from GST registration for making intra-state supplies through e-commerce platform. The rule kicked in from October 1. "Welcoming nearly 25,000 non-GST sellers onto our platform reinforces our efforts to foster an inclusive digital ecosystem. "Committed to our goal of digitising 10 million sellers by 2027, Meesho stands firm in driving innovation and embracing the government's historic decision to eliminate mandatory GST registration for small businesses selling online," Meesho CXO Business, Megha Agarwal said in a statement. Earlier this year, Meesho implemented significant technological adaptations, paving the way for non-GST sellers to commence selling on the platform from October 1, 2023. "In the last two months, non-GST sellers

E-commerce firm Meesho says added 25,000 non-GST sellers in 2 months

Company says it is 'committed' to goal of goal of digitising 10 million sellers by 2027

Meesho announces a 9-day break for employees for mental well-being

The firm said this is a testament to Meesho's unwavering commitment to its employees' holistic growth and happiness

E-commerce firm Meesho's CXO for business Utkrishta Kumar moves on

Megha Agarwal, the current CXO for growth at Meesho, will take the mantle from Kumar and be the new CXO for business and Nilesh Gupta will take on the role of general manager for user growth

Meesho sees record 16 mn new app installs during Mega Blockbuster sale

With 1.2 billion customer visits, categories such as home and kitchen, fashion as well as beauty and personal care garnered more than 72 orders per second

Venture Highway sells 1.5% stake in Meesho, makes 50-times returns

Seed fund Venture Highway has sold 1.5 per cent of its stake in e-commerce firm Meesho at an estimated valuation of about USD 3.5 billion, making a stellar 50-times return. Venture Highways in a statement said that it recently concluded a secondary sale of its part stake in Meesho to WestBridge Capital. The transaction resulted in a return of over 50 times to VH for its investment from its 1st vintage fund into the company," VH said in a statement. According to sources, VH sold its 1.5 per cent stake in Meesho at an enterprise valuation of about USD 3.5 billion. VH did not comment on the amount raised or enterprise valuation at which the sale was conducted. Venture Highway invested during the seed stage in Meesho and remains an investor in the Softbank-backed e-commerce firm. The firm did not disclose further details of the transaction. "Having firmly believed in Meesho's culture and founding principles, it has been a pleasure to be part of its journey since inception. We have cl

Venture Highway gets 50x returns in secondary sale of stake in Meesho

Venture Highway, an early and long-term backer of Meesho, invested in the company's first seed round over eight years ago

From music parties to war rooms to AI: Inside e-tail festival battles

E-commerce retailers are expected to garner sales worth Rs 90,000 crore this festive season, 18-20 per cent higher than last year, according to the analysts

Gone shopping online: The best deals and discounts for festive season

E-commerce giants and niche websites are wooing customers to log in and splurge

Meesho Festive Season Sale starting today, offering up to 80 per cent off

Meesho begins its Mega Blockbuster sale today, October 6, 2023, and offers 80 per cent off on different products. The sale will conclude on October 13

E-commerce firm Meesho logs 10 million orders in pre-festival sales event

The SoftBank-backed firm expects over 3X growth during the upcoming festive season

E-tailing in India is expected to grow 5x to $300 bn by 2030: Redseer

There is expected to be 6 to 8-fold growth in 3PL (third-party logistics) shipments between 2022 and 2030 - from 2 billion in 2022 to an estimated 13-17 billion in 2030, according to Redseer report