The app witnessed 63 million downloads from 1 October to 31 December 2023
New Delhi: Bengaluru-based e-commerce platform Meesho is India’s most downloaded shopping application with 63 million downloads between 1 October to 31 December 2023, as per a report by software company Sensor Tower.
According to the report, India-based shopping apps climbed the Asia download ranking chart in Q4 2023, likely driven by Diwali and online shopping events. At position No. 4, Meesho became the most downloaded shopping app in Asia during the quarter, climbing seven positions quarter-on-quarter (Q-o-Q), with new downloads driven by users in India, the app’s primary market.
In terms of quarter-on-quarter (Q-o-Q) growth, Disney, Meesho, and Amazon led the pack in Asia. Their downloads increased by 66%, 37%, and 38%, respectively.
Another recent report by AllianceBernstein stated that Meesho is the fastest-growing e-commerce platform in India, accounting for a 48% share in total e-commerce downloads. The report further stated that Meesho is gaining market share primarily through its strategic focus on cities beyond tier 2 due to its mass proposition and a zero-commission model for sellers.
Over the past 12 months, Meesho has witnessed 43% year-over-year (Y-o-Y) growth in order volume, the company said in a release. The company’s revenue also grew 54% during this period, driven by healthy take rates. The release said that repeat customers constitute a substantial share, exceeding 80%.
Meesho’s revenue from operations in the first half of the financial year (FY) 2023-24, surpassed the entire annual revenues of FY 2021-22, the company said in a blog post last month.
In its release, Meesho claims to be India’s first horizontal e-commerce company to attain profitability in July 2023. The company continues to remain profitable.
The report by Sensor Tower added that India continued its dominance in the worldwide mobile app market, boasting 6.1 billion downloads across Google Play and the Apple App Store. India has surpassed China as the most populous nation. It boasts the largest proportion of millennials and GenZs globally, with over 600 million people aged 18-35 — a massive user base for mobile apps. Following India, the United States held the second spot in the past quarter, with 3 billion downloads, while Brazil secured the third position with 2.4 billion downloads.
Founded in 2015 by IIT Delhi graduates Sanjeev Barnwal and Vidit Aatrey, Softbank-backed Meesho’s consolidated revenue from operations was Rs 3,521 crore, up 37% year on year (Y-o-Y) and losses for the period were Rs 141 crore, lower by 90% Y-o-Y in the first half of FY 2024.
