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Flipkart dominates with 48% market share, Meesho emerges as fastest growing

Livemint

Livemint · 1y ago

Flipkart dominates with 48% market share, Meesho emerges as fastest growing

According to a report by AllianceBernstein, Flipkart, Walmart's subsidiary, holds a dominant 48% market share in India's e-commerce sector. Meesho, backed by SoftBank, emerged as the fastest-growing e-commerce platform with a 32% growth in its user base. Flipkart experienced a robust 21% year-on-year growth, outpacing its competitors. The report also highlights Flipkart's strong presence in the mobile and apparel categories, while Meesho's success is attributed to its focus on Tier 2 and smaller cities.

Related News

Meesho overtakes Amazon, Flipkart; becomes India's fastest growing ecommerce company

IndianStartupNews

IndianStartupNews · 1y ago

Meesho overtakes Amazon, Flipkart; becomes India's fastest growing ecommerce company

Meesho, a SoftBank-backed e-commerce platform, is reportedly the fastest-growing in India in terms of user base. With a focus on Tier 2 cities and smaller markets, Meesho has seen a 32% YoY growth, surpassing Flipkart and Amazon. The platform's zero-commission model and emphasis on unbranded products have contributed to its success. Meesho has a monthly active user base of around 120 million, a high retention rate, and a GMV run rate exceeding $5 billion.

Top-Level Exits Continue At Meesho: Now, CXO Harsh Chaudhary Quits To Join Flipkart

Inc42 · 1y ago

Top-Level Exits Continue At Meesho: Now, CXO Harsh Chaudhary Quits To Join Flipkart

Harsh Chaudhary, former CXO of monetization at Meesho, has joined Flipkart as the VP of customer. Chaudhary led the advertising and financial services verticals at Meesho before leaving last month. He will now be responsible for driving platform traffic and growing the transacting customer base at Flipkart. Chaudhary is the latest among several top executives to leave Meesho in recent months. Meesho is an ecommerce unicorn with over 15 Lakh sellers on its platform and claims to have more than 140 million annual transacting users.

Flipkart Minutes, company’s quick commerce offering, goes live in Bengaluru

Money Control

Money Control · 1y ago

Flipkart Minutes, company’s quick commerce offering, goes live in Bengaluru

Flipkart Minutes, the company's quick commerce offering, has launched in select areas of Bengaluru. This move aligns with the growing importance of rapid delivery in e-commerce. Flipkart appointed Hemant Badri to lead this initiative. The service competes with established players like Blinkit, Swiggy Instamart, and Zepto. While Flipkart has experimented with quick delivery before, this new format aims to capture a share of the fast-growing quick commerce market.

Reliance Jio on path to become dominant Fixed Wireless Access player globally: Analysts

Economic Times

Economic Times · 2m ago

Reliance Jio on path to become dominant Fixed Wireless Access player globally: Analysts

Reliance Jio is set to become the world's largest Fixed Wireless Access (FWA) provider, surpassing T-Mobile in subscriber base, according to analysts. As of May, Jio held 6.88 million FWA subscribers, compared to T-Mobile's 6.85 million in March. Jio dominates the Indian broadband market with a 50.72% share and continues to expand its footprint, adding significantly to its subscriber base alongside Bharti Airtel in the growing Indian telecom sector.

Meesho closes $275 million funding in first tranche, in talks for more

Economic Times

Economic Times · 1y ago

Meesho closes $275 million funding in first tranche, in talks for more

Indian ecommerce firm Meesho has raised $275 million in a funding round that includes both primary and secondary share sales. The funding round is part of a larger $600 million round, which is expected to value Meesho at up to $3.9 billion. Meesho, which competes with Amazon India and Flipkart, plans to use the funds to support its growth and expansion. The company has raised a total of $1.36 billion since its inception in 2015. Meesho is also reportedly considering flipping its US parent company and potentially going public in India.

Myntra clocked $3.9-bn in gross sales in 2023 | The Arc

The Arc Web

The Arc Web · 1y ago

Myntra clocked $3.9-bn in gross sales in 2023 | The Arc

Myntra, the fashion platform owned by Flipkart, has achieved gross sales of approximately $3.9 billion in 2023, surpassing its major competitor Ajio, owned by Reliance, which achieved over $2 billion in gross sales. Myntra plans to focus on non-apparel segments, such as beauty and international brands, but faces growing competition from Nykaa Fashion. Competition in the online fashion market is intensifying, as players like Reliance and Tata aim to gain market share. Myntra has made strategic changes, including partnering with direct-to-consumer and luxury brands, resulting in increased market share and profitability.

Unicorn startup Meesho's CXO Harsh Chaudhary quits to join rival Flipkart

IndianStartupNews

IndianStartupNews · 1y ago

Unicorn startup Meesho's CXO Harsh Chaudhary quits to join rival Flipkart

Harsh Chaudhary, the former Chief Experience Officer at Meesho, has joined rival company Flipkart as Vice President of Customer. Chaudhary's departure from Meesho adds to a list of high-level employees leaving the company in recent months. His new role at Flipkart involves leading the video commerce unit and driving customer growth through acquisition and retention. Meesho, an e-commerce platform with a focus on Tier 2+ cities, recently launched a large ESOP buyback program and claims to have turned profitable in the second quarter of FY24.

Google releases new open LLMs, Rivian lays off staff and Signal rolls out usernames

TechCrunch · 1y ago

Google releases new open LLMs, Rivian lays off staff and Signal rolls out usernames

Google has released two new open large language models (LLMs), Gemma 2B and Gemma 7B, as part of its push for generative AI dominance. MariaDB, the database company, could potentially go private in a $37 million deal. Change Healthcare, a major US healthcare tech company, suffered a cyberattack on its systems. Rivian is laying off 10% of its salaried workforce to cut costs in a challenging electric vehicle market. Indian e-commerce giant Flipkart is considering acquiring Dunzo, a hyperlocal delivery startup. Signal users can now keep their phone numbers private with the introduction of usernames. YouTube dominates TV streaming in the US, according to a report by Nielsen. French-based Planity has raised $48 million to expand its hair salon software service. Dutch startup Monumental has secured $25 million to develop its robotic carts and arms for bricklaying.

Meesho FY23 revenue grows 77% to Rs 5,735 crore, loss narrows 48%

Economic Times

Economic Times · 1y ago

Meesho FY23 revenue grows 77% to Rs 5,735 crore, loss narrows 48%

Meesho, an Indian social commerce platform, has reported a 77% growth in revenue to Rs 5,735 crore in FY23. Additionally, the company has managed to narrow its losses by 48%. Meesho serves as a platform connecting sellers with customers through social media platforms like WhatsApp, Facebook, and Instagram. The startup has been attracting significant investor interest and aims to continue scaling its operations and expanding its user base.

Citi India sees $22 billion in equity capital deals in 2023, says CEO

Reuters · 1y ago

Citi India sees $22 billion in equity capital deals in 2023, says CEO

Citi India expects equity capital market deals worth $20-22.5 billion in 2023, driven by a strong local market and a stable economy. The country raised $19.4 billion on its equity capital markets last year, and the trend of IPOs, block deals, and institutional share sales is continuing. Furthermore, there is growing interest in mergers and acquisitions in the Indian market. Citi India holds a 22.6% market share, and with India's inclusion in JPMorgan's emerging markets bond index, opportunities for debt inflows are expected, offering potential market platforms and services. The Indian economy is projected to be the fastest-growing major economy, attracting interest from investors worldwide. Citi India is focused on its institutional businesses and does not expect the global reorganization to significantly impact its operations in the country.

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