New Delhi, March 26 (PTI) SoftBank-backed Meesho reports that the narrowness of the loss is very large ₹530 million, while its revenue increased by 33% ₹The company said in its annual report on Wednesday it was 76.15 billion in fiscal 24.
The e-commerce company released ₹15.69 million, excluding ESOP costs, the company’s revenue is ₹57.35 billion in fiscal year 233.
However, Meesho claims to be the first horizontal Indian e-commerce company to achieve profitability in FY24 and the first to generate positive free cash flow ₹It is 1.97 million for the whole year.
“Our operating revenue grew 33% ₹Driven by our unique annual trading users and the increase in higher order frequency of existing loyal customers to $76.15 billion. The report said this success stems from driving efficiency in multiple areas such as logistics, as well as leveraging generated AI and machine learning to better discover, improve application experience, and 24/7 customer support. ”
Meesho founder and CEO Vidit Aatrey said metrics such as EBITDA or PAT do provide an indication of cash flow, which ignores two of the most important free cash flow components, such as capital expenditure and working capital.
“Stock shareholders, especially in the retail business, whether offline retail or inventory-based e-commerce, have seen value dilutions over the years. After witnessing this, we focus on long-term free cash flow per share (FCF) as a Polaris indicator for our business.
“We think it truly, accurately describes the health of a business without ignoring the additional complexity of the different components of shareholder dilution or creating value,” he said.
Meesho’s order growth rate increased to 13.42 million in fiscal year 24.
According to data shared by the company, it recorded $133.3 billion in orders in the first nine months of the current fiscal year, almost close to the orders received in the previous fiscal year.
The company said the growth trend of the order was driven by demand in categories such as home and kitchens, beauty and personal care, and baby essentials.
Aatrey said in the report that over the past 12 months, around Rs 1,87 crore consumers have traded on the company’s platform, the highest among e-commerce platforms in India.
