BENGALURU: E-commerce marketplace Meesho has turned profitable at a consolidated profit after tax (PAT) level. Meesho said it posted the first-ever profit ahead of the expected timeline.
In the last year, its order volume rose 43%, culminating in over a billion orders. Revenue has surged 54%, driven by substantial growth in order volumes and monetisation rate. The firm, which didn’t reveal the PAT figure, competes with Amazon and Flipkart, and as per reports, it plans an initial public offering (IPO) in the next 12-18 months.
Vidit Aatrey, CEO and founder at Meesho said, “As the first horizontal e-commerce platform to achieve profitability in India, we remain committed to driving sustainable growth, democratising e-commerce for everyone and unlocking the true potential of India’s heartland.”