Indian e-commerce startup Meesho has posted its first-ever revenue and is concentrating on a inventory market itemizing within the subsequent 12-18 months, a senior firm government stated in an interview.
Meesho competes with Amazon and Walmart‘s Flipkart in India’s fast-growing e-commerce market, with its web site changing into in style by concentrating on smaller cities and cities with unbranded merchandise like garments and cosmetics. It was final valued at almost $7 billion (almost Rs. 57,930 crore), PitchBook knowledge exhibits.
After posting losses since inception in 2015, Meesho, which is backed by Japan’s SoftBank, recorded earnings for the primary time final month, it stated in an announcement.
Its income between January-June was greater than $400 million (almost Rs. 3,300 crore), and Meesho expects it to cross $800 million (almost Rs. 6,620 crore) by the 12 months finish, Chief Monetary officer Dhiresh Bansal advised Reuters on Friday.
“Since we simply turned from detrimental to optimistic, it is a small nominal form of quantity, single digit after all… We intend to proceed the profitability trajectory,” he stated with out sharing specifics.
An preliminary public providing (IPO) is now being deliberate within the subsequent 12-18 months, Bansal added.
“We really feel that the expansion, scale and profitability are there (for an IPO), however you additionally need to make it possible for there’s sufficient of a observe report for market buyers to take a look at.”
Meesho, which was based by Indian Institute of Expertise graduates Vidit Aatrey and Sanjeev Barnwal, clocked greater than 1 billion orders within the final 12 months.
Meesho’s first revenue comes at a time when Indian startups have been struggling to boost funds because of a funding squeezeworsened by larger rates of interest and a world tech market rout. Many Indian startups have fired hundreds of workers and reduce prices aggressively in latest months.
Final week, Indian meals supply big Zomato additionally posted its first-ever revenue.
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