🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Meesho announces its largest ESOP buyback worth Rs 200 Cr

EntrackrEntrackr · 2y ago
Meesho announces its largest ESOP buyback worth Rs 200 Cr
Medial

Meesho has announced the initiation of an employee stock ownership plan (ESOP) buyback program of Rs 200 crore (approximately $25 million), making it the company’s largest ESOP buyback pool to date. This marks the fourth buyback at the horizontal e-commerce unicorn. The company bought back shares worth $1 million in February 2020, $5 million in November 2020 and $5.5 million in October 2021. The new buyback will benefit around 1,700 past as well as present employees across junior-level executives to senior leadership. Meesho provides small businesses, which includes SMBs, MSMEs and individual entrepreneurs, access to millions of customers, selection from over 30 categories, pan-India logistics, payment services and customer support capabilities. The Vidit Aatrey-led company recently announced the launch of Valmo, a full fledged logistics marketplace that allows the network of micro-entrepreneurs to become Meesho logistics partners. In July 2023, Meesho claimed that it was the first horizontal Indian e-commerce company to turn profitable. Since announcing profitability in July 2023, the company continues to remain profitable and cash flow positive. The company also cut its losses in FY23 by 48% but its revenue spiked 77% year-on-year to Rs 5,735 crore in the last fiscal year. Recently, community management app MyGate rolled out employee stock buyback program for more than 50 employees. As per data compiled by TheKredible, the total EOSP buyback/payout/liquidity stood at nearly $802 million in 2023. In 2021 and 2022, the buyback amount was recorded at $440 and $200 million respectively.

Meesho slashes adjusted losses by 97% to Rs 53 Cr in FY24

EntrackrEntrackr · 1y ago
Meesho slashes adjusted losses by 97% to Rs 53 Cr in FY24
Medial

Meesho claimed to have achieved profitability in June 2023, and the SoftBank-backed firm appears on track to post full fiscal year profitability sometime in FY25 or FY26, as its adjusted losses plummeted 97% to Rs 53 crore for the fiscal year ending March 2024. Meesho registered a 33% year-on-year growth in operating revenue in FY24, reaching Rs 7,615 crore compared to Rs 5,735 crore in FY23, according to the company’s press release. The firm’s revenue growth was triggered by a 36% growth in orders. Home & kitchen, beauty & personal care, and baby essentials were top categories at the Bengaluru-based platform, as per the release. While the company hasn’t provided specific expense figures, Meesho claimed that organic growth and efficiencies in logistics through its own firm, Valmo Logistics, helped it to reduce overall costs in the last fiscal year. The new vertical was officially launched in February this year. Meesho achieved a dramatic reduction in year-on-year losses, shrinking 97% to Rs 53 crore in FY24 from Rs 1,569 crore in FY23, according to the release. The loss figure is adjusted, but it is unclear which costs have been excluded. The firm stressed that share-based compensation paid to employees was excluded from the adjusted bottom line. It’s worth noting that Meesho also concluded its largest ESOP buyback program worth $25 million during the last month of FY24. Meesho is the third-largest horizontal e-commerce platform in India, after Flipkart and Amazon, claiming 14.5 crore unique annual transacting users. “...With over 50 crore downloads, we continued to be the most downloaded shopping app,” the release mentioned. Meesho competes with Flipkart Internet and Amazon India’s marketplace arm. While Amazon India marketplace (B2B) unit has yet to disclose FY24 numbers, Flipkart Internet reported 26.4% growth in its gross revenue which stood at Rs 70,542 crore in FY24. According to an ET report, Meesho secured a $275 million tranche in May this year as part of a larger funding round, which included both primary and secondary components. The company is also working on relocating its domicile from the U.S. to India, though there are no definitive details on the timeline for its initial public offering (IPO).

Meesho receives Rs 1,500 Cr tax demand for 2023-24

EntrackrEntrackr · 10d ago
Meesho receives Rs 1,500 Cr tax demand for 2023-24
Medial

Meesho receives Rs 1,500 Cr tax demand for 2023-24 E-commerce marketplace Meesho has received a tax demand of nearly Rs 1,500 crore from the Income Tax Department for the assessment year 2023-24, according to its regulatory filing with the stock exchanges. The Bengaluru-based company said the tax authority issued an assessment order under Section 143(3) of the Income-tax Act along with a demand notice under Section 156, which raised a total demand of Rs 1,499.7 crore, including applicable interest. The demand follows certain additions and adjustments made by the tax department to the income reported by the company for the assessment year. Meesho stated that it does not agree with the observations and adjustments made in the assessment order and is currently evaluating the matter. The company added that it believes it has adequate legal and factual grounds to contest the demand and is taking necessary steps to protect its interests. The company also said that the tax department issued a similar demand for the previous assessment year (2022–23). In that case, the Karnataka High Court granted an interim stay on the demand notice through an order dated April 17, 2025, and the case remains pending. According to the company, the latest assessment order and demand notice are not expected to have any major adverse impact on its financial position, operations, or other activities. Meesho reported a 31% year-on-year growth in operating revenue to Rs 3,517.5 crore in Q3 FY26, while its losses surged over 13X to Rs 490 crore during the same period. At the end of Friday’s trading session, Meesho shares closed at Rs 158.6, which gave the company a total market capitalization of Rs 71,578 crore (around $7.9 billion).

Download the medial app to read full posts, comements and news.