Meesho Achieves First-Ever Quarterly Profit in Q2 FY24

SoftBank-backed e-commerce unicorn, Meesho, reported a milestone achievement in the second quarter of FY24, recording its first consolidated profit after tax. While the exact profit figure for July-September remains undisclosed, the turnaround is notable in the competitive e-commerce sector. During H1 FY24, Meesho reported a remarkable 90% YoY reduction in losses, amounting to Rs 141 crore. Revenue witnessed a 37% surge, reaching Rs 3,521 crore. The financial upturn is attributed to increased app downloads, enhanced transaction frequency, a diversified category mix, and improved monetization strategies. Meesho aims to expand its seller base to 10 million by 2027, emphasizing organic growth, competitive pricing, and wide product selection.