Meesho narrows adjusted losses to Rs 53 crore in FY24, achieves profitability milestone

NEW DELHI: SoftBank-backed Meesho reported a significant reduction in its adjusted losses to Rs 53 crore for the financial year ending 31 March 2024, mainly attributed to a reduction in general and administrative expenses.

The company had previously reported an adjusted loss of Rs 1,569 crore in FY 2022-23. “Our Selling, General, and Administrative (SG&A) expenses as a percentage of Revenue from Operations declined sharply, driven by strong consumer awareness and organic traction, alongside the significant operating leverage that comes with a marketplace e-commerce model,” the company stated.