Indian E-commerce platform Meesho has got the title of the globe’s “fastest shopping app” as it recently crossed 500 million cumulative downloads in Google Play and iOS App Store. The data has been revealed by the mobile data analytics provider. Meesho got this amazing record of downloads within 6 years, said data.ai, which was earlier called App Annie.
As per data.ai, more than half of the company’s app downloads, which is 274 million happened last year in 2022. The Android app of Meesho has a download size of 13.6 MB, which makes it the lightest e-commerce app in the country available on the Play Store. It also makes it supportive to download on low-end smartphones.
A data.ai official shared how the company is pleased to partner with Meesho and give them the required insights to carry on with their business activities. Meesho’s official said that the nation has 750-800 million people who are smartphone users with internet facilities, which provides them the massive work to assist them in adapting to e-commerce activities.
This achievement helps the company get the validation in order to regularly find out and fulfill the solutions for customer pain points. It also encourages the company to work on delivering a seamless online shopping experience. Earlier, Meesho had declared how it registered 140 million annual transacting users on its platform in 2022.
Founded in 2015 by Vidit Aatrey and Sanjeev Barnwal, Meesho is an online marketplace for fashionable and budget-friendly Western attire for women. The company keeps regularly adding new collections in casual, formal, partywear, and others for women.
In FY 2024, the company aims to achieve financial profitability. The Bengaluru-based company was recently in the news as it received a 10% cut in valuation to $4.4 billion by the US-based Fidelity Investments. Meesho’s $570 million funding round that happened in September 2021 saw Fidelity being a co-leader.
Dhiresh Bansal, CFO of Meesho shared then how the company’s officials don’t worry about the drop in valuation as their focus is on the implementation of delivering metric that speaks a lot about financial profitability. Based on the market situation, the company may also go for a public offer after attaining a net breakeven in the ongoing fiscal.
Presently, Meesho has 11 lakh sellers of which 50% if from tier 2 places. There is a 79% increase in seller registration in 2023. The company has an employee strength of 1300 on the corporate side after it recently laid off 251 employees due to organizational restructuring. As soon as the company turns profitable, it will plan to hire in areas where there are investment possibilities.
In other news, Mukesh Ambani’s daughter Isha Ambani is all set to compete with Meesho and other online shopping platforms with her Rs 4 lakh crore brand Ajio Street. The new brand has a massive selection of clothing and accessories, just from Rs 199. At this price, the fashion and lifestyle brand of Reliance Retail will likely become the game-changer in the e-commerce market of India in the near future.