New Delhi: Meesho reported first-ever monthly profit after tax in July month. Indian e-commerce startup attained profitability at a consolidated Profit After Tax (PAT), encompassing all costs (including ESOPs), across all divisions and categories.
Announcing the achievement in a Linkedin Post, Meesho co- founder and CEO Vidit Aatrey said “they achieved this feat while driving a 43% growth in orders and 53% growth in revenue in the last 12 months”.
The company is now planning to launch its initial public offering or IPO in the next 12-18 months as stated by a Meesho senior executive in an interview to Reuters. Therefore, it marks an important achievement for the company.
“The past 12 months have been nothing short of incredible for us at Meesho, marked by unprecedented growth and numerous milestones. Our ambitious goal of profitability was set, and it's heartening to witness every Meeshoite coming together to achieve it. From a business perspective, our order volumes have skyrocketed by 43%, totaling over a billion orders, serving more than 140 million unique transacting users from across the country,” Sanjeev Barnwal, founder and Chief Technical Officer (CTO) said.
Bengaluru-based Meesho was founded in 2015 by Vidit Aatrey and Sanjeev Barnwal. It is backed by Masayoshi Son’s Softbank. The startup was in losses since the inception. This is the first time it reported the profit in July 2023, making us the first horizontal e-commerce company in India to do so.
