Meesho’s growth vs Nykaa’s profits: Which Rs 1 lakh crore bet looks stronger?

Consumer-tech platforms Meesho and Nykaa (FSN E-Commerce Ventures) are in roughly the same market cap league, at ₹1 lakh crore each. But the two are at very different stages of the journey.

Meesho grew 48% in Q1FY27, while its losses are shrinking rapidly. Nykaa, on the other hand, is growing more slowly, but profits are rising, and margins are expanding. That makes the comparison interesting. Both have emerged as consumer-tech winners, but they are getting there through very different routes.