BENGALURU: Social commerce startup Meesho reported revenue of Rs 84 crore for the financial year ended March 31, up from Rs 6 crore in the corresponding period last year.Losses widened to Rs 100.42 crore from Rs 5 crore in the previous financial year, according to regulatory filings.
Meesho enables small businesses and individuals to start online stores via social channels such as WhatsApp, Facebook and Instagram.
The firm offers solutions for discovery, logistics and payments to enable easier transactions between resellers and buyers. The category is, however, plagued with high return rates of as much as 40-50%.
A large part of the company’s expenses went towards employee salaries, logistics, marketing and reseller bonus, discounts, rewards and reimbursement.
In August, the company raised $125 million, led by Naspers, with participation from US technology company Facebook and existing investors SAIF Partners, Sequoia Capital, Shunwei Capital, RPS and Venture Highway.
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