Meesho, the SoftBank-backed e-commerce platform, has announced growth figures for 2024, with a 35% year-on-year increase in orders and a 25% rise in active users, bringing the total to 175 million. It also reported a 33% increase in revenue from operations, reaching Rs 76,150 million, with repeat purchases and the growing number of annual transacting users contributing to this uptick.
In FY24, the company achieved another milestone by becoming the first horizontal e-commerce platform to generate operating cash flow of Rs 232 crore for the year. As per the company, this growth is attributed to the rising consumption and the expanding adoption of e-commerce, particularly in Tier 2 and smaller towns.
The company highlighted that the surge in order volumes was driven by increased demand in categories such as Beauty and Personal Care (BPC) and Home and Kitchen as these categories saw cumulative growth of 70% in orders, driven by increasing demand from emerging markets. Meesho Mall, which features larger brands, saw 117% increase in sales. Brands like Lotus, Joy, Renee, and Dollar reported significant growth on the platform.
The expansion of e-commerce in India’s emerging markets, where consumers are seeking affordable options, has helped fuel Meesho’s growth. Ladakh, Uttar Pradesh, and Bihar have emerged as key contributors to the platform’s expanding user base.
Despite the challenging market environment, Meesho reported sustained growth, with nearly half of its new users coming from smaller towns. The platform retained its position as the most downloaded shopping app in India for the fourth consecutive year, surpassing 210 million downloads.
The Gen Z demographic has become a significant driver of growth for Meesho, now accounting for one-third of its total user base. This trend signals a broader shift towards value-conscious, high-quality products, particularly in smaller towns, reshaping India’s e-commerce landscape.
On the security front, Meesho made strides in combating fraud. The platform prevented over 22 million fraudulent transactions and blocked 7.7 million scam attempts. The company also reduced lottery fraud by 75%, and in collaboration with law enforcement, addressed over 98% of account takeover fraud cases, resulting in multiple arrests.
Additionally, Meesho took down 18,000 fake social media accounts and 130 fraudulent websites and apps, further bolstering its commitment to user safety.