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.