Mumbai, Oct 30
E-commerce platform Meesho on Wednesday reported a Rs 53 crore loss for FY 2023-24, while narrowing down the figure by 97 per cent from Rs 1,569 crore in FY 2022-23.
Meesho's revenue from operations grew by 33 per cent to Rs 7,615 crore in FY 2023-24 against Rs 5,735 crore earlier.
The company said its orders deliveries grew by 36 per cent in the last financial year.
Reasons behind the decrease in the loss were efficiencies across multiple areas like logistics, as well as leveraging Generative AI and Machine Learning for better discovery, improved in-app experience and round-the-clock customer support.
In FY 2023-24, the e-commerce platform generated positive free cash flow and an operating cash flow of Rs 232 crore. It was negative Rs 2,303 crore in FY 2022-23.
Meesho received 1,342 million orders in FY 2023-24, against 1,037 million earlier, which shows a 29 per cent YoY (Year-on-Year) increase. This was primarily driven by an increase in the annual transacting users as well as higher order frequency from customers.