• Source:PTI
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India's e-commerce platform Meesho on Friday said that it became the first e-commerce unicorn to attain consolidated profit after tax in the second quarter that ended September 2023 of the ongoing financial year 

However, the Softbank-backed company did not disclose the profit amount it collected in the July-September period. As per the report, the company reported a narrowing of losses to Rs 141 crore and an increase in revenue by 37 per cent on a year-over-year basis to Rs 3,521 crore in the first half of the ongoing financial year.

"Meesho recorded its first-ever full-quarter profitability in the second quarter of the financial year 2024 and continues to remain so. The positive momentum in the business continued post this period's end and into the festive season as well where we witnessed continued growth across categories. This is an impressive feat as Meesho became the first horizontal e-commerce company to turn profitable in India," a Meesho spokesperson said.

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Meesho had reported that it had posted its first-ever profit in July.

"Consolidated revenue from operations was Rs 3,521 crore, up 37 per cent YoY. Losses for the period were Rs 141 crore, lower by 90 per cent YoY in the first half of FY 2024," the company said in a statement.

According to the company's statement, Meesho had consolidated a 77 per cent increase in revenue from operations at Rs 5,735 crore in the last financial year.

The company registered growth in 2022 and 2023 in business to an increase in shopping app downloads in India. It has also registered a hike in the transaction frequency of existing customers.

As per data.ai, the e-commerce platform recorded 14.5 crore app downloads in 2023 in India.

"We also crossed the momentous milestone of 500 million downloads in H1, FY 2023-24. Our growth in downloads is now largely coming from organic word-of-mouth-led momentum benefitting from the wide selection and low prices on the platform," the company said.

(With PTI Inputs)

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