Page 6 - Meesho

Meesho collaborates with IISc's lab for research in generative AI

Softbank-backed e-commerce platform Meesho has signed a memorandum of understanding with the Vision & AI Lab of the Indian Institute of Science for one year to collaborate in the area of generative artificial intelligence, the company said on Tuesday. The goal of this partnership is to foster innovation in generative artificial intelligence and multimodal large language models in the e-commerce industry, thus enhancing user experience, the company said in a statement. "The collaboration will further strengthen our goal of creating solutions which benefit customers and sellers equally," Meesho, Data Science, Director Rajesh Kumar SA said.

Meesho, IISc to conduct joint research in generative AI to drive ecommerce

Meesho is collaborating with Vision & AI Lab of IISc for joint research in the area of generative AI with a focus on driving technological advancements in the e-commerce industry

VC firm Good Capital launches $50 mn fund to back start-ups leveraging AI

It will in over four years invest in firms that have an average ticket size of $1.5 million

NPCI to Meesho: Indian firms in Time's 100 most influential companies 2023

Global companies that found mention in the list were Nvidia, SpaceX, OpenAI, Crocs, Taco Bell, BYD, LVMH, and Lockheed Martin

Meesho revamps brand identity to enhance positioning as inclusive

Softbank-backed e-commerce player Meesho has revealed a new brand identity as it looks to enhance its positioning as an "inclusive" and "egalitarian" platform for mass adoption. The company said that its new logo features hues of 'Jamuni' and 'Aam', which encapsulate the vibrancy and grandeur of India's diversity. According to colour theory, Jamuni has an association with aspiration while Aam is seen as inviting and welcoming, it said. "We are thrilled to introduce our revamped brand identity, which symbolizes our transformation into a genuinely inclusive and egalitarian e-commerce platform. The new colour palette and sonic identity will add a powerful new dimension to our brand identity, a critical component of how people recognise Meesho today and in the future," Meesho Founder and CEO Vidit Aatrey said in a statement. With the revamped branding, the company aims to strengthen its positioning as a one-stop horizontal platform that meets the everyday needs of of Indian shoppers.

Meesho to double down on AI/ML investments amid profitability push

The company has been betting big on data science and technology-driven use cases over the past three and a half years

E-commerce platform Meesho crosses 500 mn downloads on iOS, Android

E-commerce platform Meesho has become the world's "fastest shopping app" to cross 500 million cumulative downloads across Google Play and iOS App Store, mobile data analytics provider has said. The company has achieved the 500 million download milestone in six years, data.ai, formerly known as App Annie, said in a statement. According to data.ai, over half of Meesho app downloads (274 million) came in 2022. "Indian e-commerce platform Meesho has emerged as the world's fastest shopping app to cross 500 million cumulative downloads across Google Play and iOS App Store combined, reaching this milestone in six years," data.ai said. According to data.ai, with just 13.6 MB size, Meesho's android app is the lightest e-commerce app in India on Play Store, which makes it compatible with low-end smartphones. "We are delighted to partner with them and provide them with the insights they need to continue to grow their business," data.ai, Head of Insights, Lexi Sydow said. Meesho, CXO for use

Janus Henderson further downgrades PharmEasy valuation to $ 2.7 billion

Several other Indian startups such as Meesho, Swiggy, Byju's, Pine Labs, and Ola have seen similar cuts in their valuations

Meesho aims to achieve profitability in FY24, looks to grow revenue

E-commerce platform Meesho is aiming to achieve profitability in FY24 as it looks to increase revenue and optimise costs, according to a senior company official. Backed by SoftBank, the company also plans to surpass a revenue of Rs 10,000 crore by FY25. While the possibility of an IPO in FY24 is being considered, it will only happen if the company becomes profitable. The comments hold significance after Fidelity Investments, one of Meesho's investors, reduced the company's valuation by 10 per cent to USD 4.4 billion. "Our expectation is to achieve profitability within the current fiscal year, FY24. In FY23, we experienced a 50 per cent increase in revenues and reduced losses by two-thirds through cost optimisation measures. Cash burn has also decreased by 90 per cent," Meesho CFO Dhiresh Bansal said. Bansal mentioned that it is difficult to share specific numbers as the audit for the current fiscal has not yet concluded. However, the revenue run rate for Q4 FY23 was USD 800 million

Meesho becomes world's fastest shopping app to cross 500 mn downloads

Meesho's Android app is the lightest e-commerce app in India on Google Play, according to data analytics provider data.ai

Real change in value only about 6%, it's par for the course: Meesho CFO

Bansal also said the company was aiming to be profitable within the current fiscal year (FY24) on net profit basis

Meesho's valuation slashed 10% to $4.4 billion by Fidelity Investments

Fidelity holds stakes in the e-commerce firm through multiple funds

Top Headlines: Govt's dividend from PSBs, Meesho hints at IPO in '25 & more

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E-com firm Meesho hints at IPO in 2025; focus shifts to generating profits

The start-up makes around 10 per cent margins on its transactions, whose average ticket size is Rs 350

Top e-commerce platforms to stop selling seat belt alarm stopper clips

Amazon, Flipkart, Meesho, Snapdeal, and Shopclues had this item listed for sale

Meesho lays off 251 employees, CEO admits 'judgement errors in over-hiring'

SoftBank-backed e-commerce firing 15% of workforce, cites 'harsh circumstances'

Meesho fires 251 more in 3rd round layoffs; cites judgement error in hiring

Before this, Meesho had fired 150 employees in April and another 300 in August

Meesho's monthly active users count about 55% of Amazon, Flipkart: Report

Meesho is India's third largest e-commerce retailer with CY22 GMV of $4.5 bn and 7 per cent market share, growing much faster than overall e-commerce market, according to the brokerage firm Jefferies.

Meesho building portfolio to tap next billion users: CXO Utkrishta Kumar

Annual transacting users surged 80% to 140 million; orders up 135% to a record 910 million in CY22

Social commerce the way to tap growing online buyers from smaller towns

Indian e-commerce was worth $83 bn in 2022, will likely grow to $185 bn in 2026, propelled by deeper internet penetration and digital payments