Benchmarking against Amazon, this startup is going public!

Benchmarking against Amazon, this startup is going public!

According to foreign media reports, a senior executive of Indian e-commerce startup Meesho said in an interview that Meesho recently announced its first profit in history and plans to go public in the next 12-18 months.

 

As a startup e-commerce platform, Meesho mainly competes with Amazon and Walmart's Flipkart in the Indian e-commerce market . Its website is popular among consumers for providing niche clothing and cosmetics to small towns . According to PitchBook data, Meesho's latest valuation is close to US$7 billion.



Meesho said in a statement that it had been losing money since its founding in 2015, but finally recorded its first profit last month thanks to the support of SoftBank Group .

 

Meesho Chief Financial Officer Dhiresh Bansal told the public last Friday that the company's revenue in the first six months of this year exceeded US$400 million and is expected to exceed US$800 million by the end of the year.

 

“Since we have just turned positive , the profit is not very much , certainly in the single digits ... We intend to keep it up, ” he said, without giving specific details.

 

Bansal added that the company is currently planning an initial public offering (IPO) in the next 12-18 months.

 

Meesho , founded by Indian Institute of Technology graduates Vidit Aatrey and Sanjeev Barnwal, has received more than 1 billion orders in the past 12 months.

 

Meesho’s first profit comes as the Indian startup is struggling to raise funds as higher interest rates and a global tech winter exacerbate funding constraints.

 

Many Indian startups have carried out large-scale layoffs in recent months, firing thousands of employees as they aggressively cut costs in hopes of surviving the winter.

 

From the perspective of cross-border sellers, the rise of more and more platforms is certainly a good thing. It not only prevents a single platform from monopolizing the market, but also gives sellers more choices without having to stick to just one platform.

Meesho

Listing

E-commerce

<<:  From Balenciaga to Van Cleef & Arpels, top luxury brands are launching live streaming on Tmall

>>:  Temu is in controversy again over "quality", buyers: cheap is more important

Recommend

What is Voltoo? Voltoo Review, Features

Oto International Express is a mobile client for s...

What is ROAMpay? ROAMpay Review, Features

<span data-docs-delta="[[20,{"gallery"...

What is Trida Supply Chain? Trida Supply Chain Review, Features

Trida Supply Chain Management Co., Ltd. is an inte...

What is Markafoni? Markafoni Review, Features

Markafoni was founded in 2008 and is Turkey's ...

Southeast Asian epidemic affects Japanese manufacturers' supply chain

The epidemic situation in Southeast Asia is still...

SMG Law Firm issues new case! Sellers please beware of any pitfalls

As one of the four major law firms in the cross-b...

What is 3dcart? 3dcart Review, Features

Founded in 1997, 3dcart is a complete and powerfu...

Several Amazon sellers sentenced for illegal operations

In recent years, Amazon has significantly stepped...

What is Mastercard Developers? Mastercard Developers Review, Features

Mastercard Developers is a developer platform lau...

Amazon limits sales of Covid-19 test kits!

Recently, foreign media reported that Amazon has ...