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

EntrackrEntrackr · 7m 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).

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Meesho delivers 1.3 Bn orders during first 9 months of FY25

EntrackrEntrackr · 3m ago
Meesho delivers 1.3 Bn orders during first 9 months of FY25
Medial

Homegrown e-commerce platform Meesho has released its first annual report, highlighting strong growth driven by technology and AI. The company claims that it became the first horizontal e-commerce platform in India to achieve profitability in FY24, generating Rs 197 crore in free cash flow. Its adjusted losses dropped by 97% to Rs 53 crore (excluding employee share-based compensation). As of December 2024, Meesho reported 187 million annual transacting users—serving approximately 13% of India’s population, as per the report. Between April and December 2024, users placed 1.3 billion orders, cementing Meesho’s position as the most downloaded shopping app for the fourth consecutive year. The platform processes 67 trillion features daily and handles 500,000 user requests per second at peak load. Meesho’s logistics arm, Valmo, handled over 50% of its daily orders, covering 15,000 pin codes and creating 85,000 jobs. Supporting 400,000 sellers with a 0% commission model, Valmo has made online selling more accessible for SMEs. In February last year, Meesho announced the launch of Valmo, a full-fledged logistics marketplace that allows the network of micro-entrepreneurs to become Meesho partners and deliver orders in their nearby areas. Meesho also plans to go public later this year, aiming to raise around $1 billion at a $10 billion valuation, with JP Morgan potentially joining the IPO syndicate.

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.

Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses

EntrackrEntrackr · 8m ago
Qure.ai revenue soars 83% to Rs 141 Cr in FY24, slashes losses
Medial

Healthcare firm Qure.ai recently raised $65 million in a funding round led by Lightspeed Ventures and 360 One Asset Management. This investment follows an impressive 83% growth in Qure.ai’s revenue, which surpassed Rs 140 crore in FY24. The Lightspeed-backed firm also reduced its losses by 38.5% in this period. Qure.ai’s revenue from operations grew to Rs 141 crore in the fiscal year ending March 2024 from Rs 77 crore in FY23, its consolidated financial statements sourced from the Registrar of Companies show. Qure.ai offers AI-driven solutions designed to assist radiologists and physicians in diagnosing critical conditions such as tuberculosis, lung cancer, and stroke. In the last fiscal year, sales of these tools and software contributed 87.23% of the company’s operating revenue, doubling to Rs 123 crore. The remaining revenue was generated from the sale of healthcare products. In line with many tech and AI-driven companies, employee benefits made up more than half of Qure.ai’s total expenses. These costs surged by 66.2%, rising to Rs 108 crore in FY24 from Rs 65 crore in FY23, with Rs 12 crore allocated to ESOP expenses, a non-cash component. Additional expenses, including costs for materials, communication, travel, advertising, legal, and other overheads, contributed to an 18.2% overall increase in expenses, pushing total costs to Rs 201 crore in FY24 from Rs 170 crore in FY23. See TheKredible for the detailed expense breakup. An over 80% surge in scale, combined with effective cost controls, enabled Qure.ai to cut losses by 38.5%, reducing them to Rs 48 crore in FY24 from Rs 78 crore in FY23. While its EBITDA margin improved, it remained negative at -22.73% in FY24. On a unit basis, the company spent Rs 1.43 to earn a rupee in FY24. FY23-FY24 FY23 FY24 EBITDA Margin -78.02% -22.73% Expense/₹ of Op Revenue ₹2.21 ₹1.43 ROCE NA NA The Mumbai-based firm has raised over $120 million to date, including a recent $65 million round. According to startup data platform TheKredible, notable investors in Qure.ai include Peak XV, Lightspeed, Fractal, and Novo Holdings. Large funding rounds of the type Qure.ai has attracted are increasingly available only for firms that have traveled some distance in demonstrating market acceptance. For Qure.ai, that is evident in the topline as well as the spread of more sophisticated diagnostic tools that are available more widely in India today, promising a heady period of strong growth for the foreseeable future.

Meesho completes reverse flip, merges US entity with Indian

EntrackrEntrackr · 8d 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.

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