Breaking down Meesho’s financials in 4 charts

Meesho is the first homegrown horizontal ecommerce company to list on India’s stock exchanges in 2025, achieving the milestone ahead of Amazon and Walmart’s Flipkart. Meesho listed in December of that year at a valuation of US$8.8 billion.

Founded by Vidit Aatrey and Sanjeev Barnwal in 2015, the company has built an asset-light ecommerce model that differs fundamentally from traditional marketplaces.

Unlike Amazon and Flipkart, Meesho neither owns nor operates warehouses. Instead, sellers fulfill orders directly, allowing the firm to keep capital expenditure low while enabling merchants to offer products at highly competitive prices.

Combined with a zero seller commission policy and lower logistics costs, this model has helped Meesho focus on value-conscious consumers, particularly in smaller cities and towns, rather than competing on delivery speed.

Moreover, the company has built its own logistics backbone through Valmo, which was launched in 2023. Instead of creating a conventional delivery fleet, Valmo partners with underutilized local courier operators, creating entrepreneurship opportunities while expanding Meesho’s reach. Today, Valmo handles roughly 50% of Meesho’s logistics network.

The firm’s expansion strategy extends beyond organic growth. It has earmarked a portion of its IPO proceeds for potential M&As and started deploying that strategy by acquiring Kirana Club, which has built a zero-inventory, zero-field-sales, B2B marketplace for mom-and-pop stores beyond metros in India.

Meesho remains open to more acquisitions that complement its asset-light, value-first philosophy.

These charts, which will be updated every quarter, track the performance of one of India’s most closely watched internet companies.

The visuals are interactive. Tap on the legends to hide or show your desired metric. They’re based on earnings releases available here.

Credits

Data: Meesho’s financial results
Graphics: Duc Tran
Editing: Duc Tran and Mina Deocareza