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Meesho, the social commerce platform, has posted its first-ever profit. The company, which is backed by SoftBank and Sequoia Capital, said that it had a net profit of $1 million in the quarter that ended December 2022.
Meesho’s revenue grew 150% year-over-year to $500 million in the quarter. The company said that it had over 100 million monthly active users and over 2 million sellers on its platform.
Meesho’s co-founder and CEO, Vidit Aatrey, said that the company was profitable on a monthly basis and that it was on track to achieve profitability on a quarterly basis in the next few quarters.
Aatrey said that Meesho was planning to go public in the next 12-18 months. He said that the company was looking to raise $500 million to $1 billion in its IPO.
“We are very excited about the future of Meesho,” said Aatrey. “We believe that we are the clear leader in the social commerce space in India and that we have the potential to become a global player.”
Meesho’s IPO plans come at a time when the Indian startup ecosystem is booming. In the past year, several Indian startups have gone public, including Paytm, Nykaa, and Zomato.
Meesho’s IPO is expected to be one of the biggest in India in recent years. The company is expected to be valued at over $1 billion in its IPO.
Here are some additional details :
- Meesho is a social commerce platform that allows users to buy and sell products on social media platforms.
- The company was founded in 2015 by Vidit Aatrey and Sanjeev Barnwal.
- Meesho is backed by SoftBank, Sequoia Capital, and Accel Partners.
- The company is planning to go public in the next 12-18 months.
