Ecommerce startup Meesho on Wednesday reported higher revenue and narrower losses in FY24 as it benefited from an increase in annual transacting users and a rise in order frequency from existing customers.
In FY24, the company reported operating revenues of ₹7,615 crore, a 33% increase from a year earlier. Its adjusted losses narrowed by 97% to Rs 53 crores, excluding employee share-based compensation expense, Meesho said in a statement.
The company attributed the gains to improved efficiencies across multiple areas like logistics as well as leveraging generative AI and machine learning for better discovery and improved in-app experience.
Meesho recorded 145 million unique annual transacting users in FY24, representing about 10% of India's purchases through its platform, it claimed.
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