Social commerce platform Meesho runs a three-sided marketplace with suppliers, resellers and the customer, where the reseller buys goods such as unbranded fashion items from the supplier and sells it via platforms such as WhatsApp and Instagram. While Meesho started out this way, its share of direct sales has also been going up, pitting it directly against incumbents Flipkart and Amazon. It was founded in 2015 by IIT-Delhi alumni Vidit Aatrey and Sanjeev Barnwal. It provides small entrepreneurs with products and tools to start, maintain, and grow their businesses. It facilitates a three-way marketplace enabling resellers, SMBs, and micro-entrepreneurs across India to connect with potential buyers using social media. The company claims that a majority of these entrepreneurs are women who are realizing their dream of owning a business for the first time. Meesho is also Facebook's first investment in an Indian startup. The Bangalore-based startup last announced a fund raise of $50 million in a Series-C funding round from Shunwei Capital, DST Partners and RPS Ventures. The company on September 30, 2021 said it has raised $570 million in its Series F round led by Fidelity Management and B Capital, more than doubling its valuation to $4.9 billion in five months, the latest sign of the funding frenzy underway for Indian startups. More
While other new-age companies are cutting back on marketing spends, Meesho CEO Vidit Aatrey said that the company is being prudent but will not not spending on growth.
The company has achieved the 500 million download milestone in six years, data.ai, formerly known as App Annie, said in a statement.
Backed by SoftBank, the company also plans to surpass a revenue of Rs 10,000 crore by FY25.
The markdown effectively values the social commerce startup at $4.4 billion.
Simply put, GMV is the total sales over a period of time. It may sometimes be the same as revenues depending on the type of business. For e-commerce companies, while GMV is a reflection of the total value of goods sold, their revenues are only the fees earned from sellers.
While sellers said most of the price increases would be passed on to customers, they feared that their products would be ranked lower on the list of options that popped up under the ‘similar’ tab, largely because of how Amazon’s algorithms work.
Since the start of 2022, companies including unicorns Unacademy, Meesho, Swiggy and Cars24 have reduced costs heavily to extend their runway by at least 12 months
Using car seat belt alarm stopper clips can create problems for consumers seeking to claim amounts in motor insurance policies.
'I believe it (Nykaa) is a very different business. We are a platform, they are a brand,' Meesho co-founder Vidit Aatrey said.
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Meesho Founder and CEO Vidit Aatrey in an email to employees informed about the decision and announced that all the affected employees will get one month extra severance pay beyond the notice period as well as ESOPs irrespective of the period they have been with the company.
Meesho founder and CEO Vidit Aatrey said an email to staffers that it is now faced with the hard truth of aligning people costs with the new projections for business.
An employee of online shopping platform Meesho shared a screenshot of a WhatsApp message he received from a scammer.
The e-commerce unicorn’s monthly cash burn was $40 million in January this year
The company onboarded around 5 lakh suppliers in 2022 of which 61 per cent were new to e-commerce and selling online for the first time
Meesho started out with a thrust on social commerce, but it has been increasingly focusing on direct sales and now derives 75 percent of its business directly from customers, while 25 percent comes from resellers.
The notices follow reports that in the recent acid attack on a girl in Dwarka, Delhi, the accused had bought acid from Flipkart.
This comes at a time when many offices have opened up, leading to rentals in Bengaluru skyrocketing among other issues.
IndiaTech.org which represents start-ups like MakeMyTrip, Nykaa, Ola, Policybazaar, Dream11, BharatMatrimony has sent a two separate submissions of direct and indirect taxes recommendations on December 8
The government is running a pilot of ONDC where all e-commerce ecosystem players will facilitate online purchase of goods and services at competitive prices, thereby reducing cost burden on sellers and consumers.
The start-up will use the funds to expand its presence pan India and set up an NBFC to help finance solar installation projects.
Overall, the e-commerce players sold goods for $5.7 billion in the first week of the festive season in India. The sale was led by mobile phones which constituted 41 percent of the total sales. Fashion, meanwhile, contributed 20 percent which was 48 percent higher than last year’s festive sale.
The Meesho Mega Blockbuster Sale was live from September 23-27.
The buyer claimed that he had placed an order for the camera drone via Meesho and said that he's uncertain whether the courier company was involved in the "fraud".