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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 announces its largest ESOP buyback worth Rs 200 Cr

EntrackrEntrackr · 1y 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.

Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still

EntrackrEntrackr · 1y ago
Juspay’s revenue spikes 88% to Rs 213 Cr in FY23; losses stand still
Medial

Payments technology firm Juspay has been consistent in its scale with 85% YoY growth in the last two fiscal (FY23 and FY22). At the same time, the SoftBank-backed company kept a tight rein on its losses which remained almost unchanged in the fiscal year ending March 2023. Juspay’s revenue from operations grew 88.5% to Rs 213 crore in FY23 from Rs 113 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Juspay offers payment processing technology to merchants and is working behind offline payment solutions. Its flagship products include Juspay Safe, HyperSDK, Express Checkout, and UPI in a Box. It claims to process over 100 million transactions with an annualized TPV (total payment value) of more than $500Bn. Payment platform integration and related services were the primary source of revenue for Juspay. The company also earned Rs 24 crore from interest on non-current and current investments which tallied Juspay’s total income to Rs 213 crore during the previous fiscal year (FY23). Similar to other payments companies, its employee benefits emerged as the largest cost center forming 62% of the overall expenditure. This cost surged 70% to Rs 214 crore in FY23 from Rs 126 crore in FY22. This includes 54 crore as ESOP cost which is non-cash in nature. Juspay’s expenses on rent, information technology, legal professional, advertising, and overheads took its overall cost up by 53.8% to Rs 343 crore in FY23 from Rs 223 crore in FY22. Check TheKredible for a detailed expense breakdown. The impressive scale with a tight control on expenses helped Juspay control its losses which increased only by 5% to Rs 106 crore in FY23 as compared to Rs 101 crore in FY22. Its ROCE and EBITDA margin improved -21% and -40.9% respectively. On a unit level, the Accel Partners-backed firm spent Rs 1.61 to earn a rupee in FY23. FY22-FY23 FY22 FY23 EBITDA Margin -80% -40.9% Expense/₹ of Op Revenue ₹1.97 ₹1.61 ROCE -24% -21% The Bengaluru-based company secured over $85 million across rounds including a $60 million round led by SoftBank in 2021. According to the startup data intelligence platform TheKredible, Accel is the largest external stakeholder with 12.39% followed by VEF VC and SoftBank.

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