Page 8 - Meesho

E-commerce firm Meesho aims to digitise 10 mn small businesses by 2027

The company said this would unlock new opportunities for small, medium, and local enterprises with an annual turnover below 40 lakhs, to embrace digital commerce

Meesho aims to grow merchant base 10 times by 2027 as GST rules relax

With the government relaxing GST rules for online sellers, Softbank-backed Meesho aims to add 1 crore merchants on its platform by 2027, a top official of the company said on Tuesday. Meesho is the first e-commerce company in India to turn profitable at the group level (consolidated profit) and expects the momentum to continue, Meesho CEO Vidit Aatrey claimed. "We have 1.3 million (13 lakh) sellers on our platform. The recent change in policy to allow more sellers without GST is a big boost. We are now planning to add 1 crore more sellers across the country by 2027," Aatrey told PTI. He said that e-commerce is still at a very nascent stage and there are only 1.5-2 million merchants that sell online. "Internet penetration, network reliability, and online payments are increasing and people are buying online in a big way. We will continue with our outreach and do whatever is required to onboard sellers. These are the factors that will drive growth in the merchant base," Meesho ...

Weekend Bites: A week of pauses, pivots, profits, and big interviews

In which we munch over the week's platter of news and views

Green shoots of profitability finally emerging among Startups in India

Many companies such as Zomato, Meesho, and MobiKwik have now turned profitable while others like Paytm, Delhivery, and Zepto have showcased a clear path to profitability

Meesho becomes first horizontal e-commerce company to attain profitability

The SoftBank-backed firm saw over 1 billion orders in last 12 months; its order volumes rose by 43% and revenue by 54%

Meesho delists 5.2 million counterfeit, restricted products in six months

SoftBank-backed e-commerce firm Meesho has delisted nearly 42 lakh counterfeit and infringing product listings and 10 lakh restricted products in the past six months, the company said on Wednesday. The total deactivated products account for less than 5 per cent of the total products listed on Meesho's platform, a company official said. Meesho said its "Project Suraksha" systems has detected and blocked over 12,000 bad actor accounts from accessing the platform. "The project has yielded impressive results, with nearly 42 lakh counterfeit and infringing product listings and 10 lakh restricted products deactivated in the past six months. Since February, there has been a 80 per cent reduction in platform views for non-compliant listings, they now represent a mere 0.1 per cent of platform views," Meesho said in a statement. Meesho Founder and Chief Technology Officer Sanjeev Barnwal said the company leveraged advanced techniques in computer vision and natural language understanding to

Meesho says it removed 42 lakh counterfeit products from its platform

Under this project, Meesho has implemented stringent verification processes, engaged in brand partnerships, and leveraged analytical models for fraud detection

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

Business Standard brings you top news at this hour