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

EntrackrEntrackr · 8m 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 co-founders exercise 27 lakh options ahead of IPO

EntrackrEntrackr · 3m ago
Meesho co-founders exercise 27 lakh options ahead of IPO
Medial

Exclusive: Meesho co-founders exercise 27 lakh options ahead of IPO Meesho’s co-founders, Vidit Aatrey and Sanjeev Kumar, have exercised equity shares under the company’s 2024 ESOP plan—a move that comes as Meesho gears up for its Initial Public Offering (IPO). The board at Meesho has passed a resolution to allot 20,65,211 equity shares to Vidit Aatrey and 6,59,323 equity shares to Sanjeev Kumar following the exercise of stock options, according to regulatory filings accessed from the Registrar of Companies (RoC). Entrackr estimates that the exercised shares from the 2024 ESOP plan are valued at approximately Rs 1,023 crore ($120 million). However, Meesho clarified in a statement that these shares are not additional but part of the previously allocated ESOP pool. “Further, the valuation referenced in your email is incorrect, as these shares do not carry any additional value; they are simply existing ESOPs that the Founders have chosen to exercise,” the company’s spokesperson said. Meesho is planning to go public this year and aims to raise $1 billion through its IPO. Media reports indicate that the company will soon file its draft documents and is targeting a listing around Diwali. In 2024, Meesho announced its largest-ever ESOP buyback program, worth Rs 200 crore (approximately $25 million). This initiative is set to benefit around 1,700 past and present employees, spanning from junior executives to senior leadership. Meesho is the third largest horizontal e-commerce company after Flipkart and Amazon. The Bengaluru-based platform targets value-conscious consumers across tier II and III cities. It also operates logistics platform Valmo which currently handles over 50% of its overall orders. The firm recorded a 33% year-on-year revenue growth to Rs 7,615 crore in the fiscal year ending March 2024, while reducing its adjusted losses by 97% to Rs 53 crore during the same period. Notably, in the first nine months of FY25, the company claims to have delivered 1.3 billion orders.

Meesho to rename legal entity ahead of $1 Bn IPO

EntrackrEntrackr · 2m ago
Meesho to rename legal entity ahead of $1 Bn IPO
Medial

Meesho to rename legal entity ahead of $1 Bn IPO Homegrown e-commerce platform Meesho has received board approval to change its legal name as part of a strategic move ahead of its public listing. The company’s board and members have approved a special resolution to rename the entity from “Fashnear Technologies Private Limited” to “Meesho Private Limited,” according to a regulatory filing with the Registrar of Companies (RoC). This development comes just a month after reports indicated that Meesho is preparing for a $1 billion IPO. According to media reports, the firm shortlisted Morgan Stanley, Kotak Mahindra Capital, and Citi as its IPO advisers, with discussions ongoing to include JP Morgan in the syndicate. The bankers have reportedly valued Meesho at $10 billion for its IPO, with plans to file draft documents in the coming months. The company aims to list on the stock exchange around Diwali this year. On a year-on-year basis, the company saw a 33% year-on-year revenue growth, reaching Rs 7,615 crore in the fiscal year ending March 2024. It also reduced its adjusted losses by 97% to Rs 53 crore. During the first nine months of FY25, Meesho delivered 1.3 billion orders.

Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88%

EntrackrEntrackr · 6m ago
Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88%
Medial

Snapdeal records Rs 384 Cr revenue in FY24, adjusted EBITDA loss drops by 88% E-commerce marketplace Snapdeal delivered steady financial results in FY24 as its revenue from operations increased by 2.1%, rising to Rs 379.76 crore in FY24. The company’s cost-reduction measures led to its adjusted EBITDA loss dropping by 88% from Rs 144 crore in FY23 to Rs 16 crore in FY24. It also improved its operating cash flows during the last fiscal year. Snapdeal’s revenue from operations increased by 2.1%, rising to Rs 379.76 crore in FY24 from Rs 371.96 crore in FY23, according to its consolidated financial statements filed with the RoC. Snapdeal’s primary revenue streams include marketing services, e-commerce enablement, and other ancillary sources. Marketing services continued to be the largest contributor, generating Rs 252.55 crore, though it witnessed a dip of 9.6% compared to FY23. Its enablement revenue increased by 14.8% to Rs 103.36 crore, reflecting the platform’s growing traction among value-focused sellers. Additionally, revenue from other sources surged over 8X to Rs 23.85 crore in FY24. Snapdeal’s strategic focus on targeted cost-reduction initiatives led to significant expense savings across multiple categories. The company’s spending on employee benefits reduced by 48.5% to Rs 158.4 crore in FY24 from Rs 307.53 crore in FY23. Promotional costs were also reduced by 23.5% to Rs 70.37 crore during the same period. Overall, the Gurugram-based firm’s total expenditure dropped by 21.4% to Rs 540.76 crore in FY24 from Rs 687.93 crore in FY23. The company’s improved performance was visible in the 43.2% reduction of loss to Rs 160.38 crore in FY24. Further, most of this loss seems to be on account of non-cash heads, including the revaluation of a put option held by Unicommerce investors to the tune of Rs 110 crore, leading to an adjusted EBITDA loss of Rs 16 crore, which shows that the company is nearing its target of reaching profitability. As per the filings, Snapdeal reduced its stake in Unicommerce, generating Rs 33 crore from a secondary sale of 3.4% stakes in May/June 2024 prior to the IPO and an offer for sale of 9.2% stake for Rs 81 crore in the IPO completed in August 2024.

Meesho completes reverse flip, merges US entity with Indian

EntrackrEntrackr · 23d ago
Meesho completes reverse flip, merges US entity with Indian
Medial

Homegrown e-commerce platform Meesho concludes its reverse flip to India after receiving final National Company Law Tribunal (NCLT) approval last week. As per its recent filing with the Registrar of Companies, Meesho’s board has approved the merger of its US-based entity, Meesho Inc., with its Indian arm. As part of the process, shares of the Indian entity have been allotted to the US investors, making Meesho a fully Indian entity. As per media reports, the company is expected to pay $280-$300 million tax in the US to relocate its domicile. The Softbank-backed company is likely to file its draft red herring prospectus (DRHP) with Securities and Exchange Board of India (SEBI) for a $1 billion initial public offer (IPO). The e-commerce giant has shortlisted Morgan Stanley, Kotak Mahindra Capital, JP Morgan and Citi Bank as its bankers. According to startup data intelligence platform TheKredible, Meesho has raised over $1 billion in funding to date from investors including Softbank, Prosus, Fidelity Investments, Peak XV and others. The company sustained its growth momentum, posting a 33% year-on-year increase in revenue to Rs 7,615 crore for the fiscal year ending March 2024. It also narrowed its adjusted losses by 97% to Rs 53 crore in FY24. With this reverse flip, the company joins the ranks of Razorpay, Groww, Zepto, Dream11, and PhonePe, all of which have shifted their domiciles back to India. Razorpay paid $150 million while PhonePe and Groww paid Rs 8,000 crore ($1 billion then) and Rs 1,340 crore ($157 million) in taxes, respectively, to complete the process. Meesho’s rival Flipkart, with an estimated valuation of $36 billion, is also working on relocating its domicile from Singapore to India.

Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24

EntrackrEntrackr · 2m ago
Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24
Medial

Boult Audio revenue jumps 40% to over Rs 700 Cr in FY24 Bootstrapped consumer electronics brand Boult Audio recorded a 40% surge in operating revenue for the fiscal year ending March 2024. However, the notable top-line came at a cost, as the Delhi-based company’s profit declined by 37%. Boult’s revenue from operations increased by 40% to Rs 697 crore in FY24 from Rs 498 crore in FY23, according to its financial statement sourced from the Registrar of Companies (RoC). Founded in 2017, Boult Audio designs, develops and manufactures wireless earbuds, headphones, smartwatches, and speakers. Revenue from sale of these products remained the sole source of revenue. The company’s revenue majorly came from domestic sales, which grew 45% to Rs 620 crore in FY24. Revenue from overseas sales remained stable at Rs 77 crore, contributing 11% to the top line. Boult made additional Rs 5 crore from non-operating revenue which pushed its total revenue to Rs 702 crore in FY24 from Rs 501 crore in FY23. On the expense side, the largest cost component—cost of material consumed—rose 25% to Rs 402 crore, accounting for nearly 58% of total expenses. Advertising expenditure spiked 74% to Rs 162 crore, while post-supply discounts grew 84% to Rs 70 crore. These two expenditures collectively accounted for over 33% of its total expenses. Employee benefit expenses rose by over 50% year-on-year to Rs 26 crore in FY24. Other overheads, including admin and general expenses, added Rs 39 crore to the total cost. Overall, total costs increased by 41% to Rs 699 crore in FY24. As overall costs outpaced revenue growth, Boult’s net profit declined by 37% to Rs 2.5 crore in FY24 from Rs 4 crore in FY23. Its ROCE and EBITDA margin stood at 52.94% and 2.64%, respectively. On a unit level, Boult Audio spent Rs 1.00 to earn each rupee of revenue. As of March 2024, the company recorded current assets worth Rs 211 crore including Rs 9 crore in cash and bank balance. Boult’s inventories stood at Rs 964.5 crore during the same period—up 63% from FY23. This significant buildup suggests Boult is preparing for high-volume sales, possibly ahead of festive seasons or upcoming launches. Boult made its first recorded CSR contribution of Rs 12.23 lakh in FY24. According to TheKredible, Boult Audio has remained unfunded till date. Its co-founders, Varun Gupta and Tarun Gupta together own 49.5% of the company. Its director Vinod Gupta holds a 23.76% stake, while Pankhuri Gupta, who leads design at Boult, holds 25.74% stake in the company. The firm competes directly with homegrown electronics rivals boAt and Noise. In FY24, market leader boAt reported revenue of Rs 3,118 crore but closed the year with a loss of Rs 80 crore. Noise followed with Rs 1,431 crore in revenue and a loss of Rs 19 crore.

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