Meesho Emerges as Top Shopping App in India and Second Globally in Downloads

• ByStartupStory     |    February 6, 2024

Bengaluru-based e-commerce platform Meesho has claimed the title of India’s most downloaded shopping application, boasting a remarkable 63 million downloads between 1 October and 31 December 2023, as revealed by a report from software company Sensor Tower.

According to the report, India-based shopping apps surged in the Asia download ranking chart during Q4 2023, likely fueled by festive occasions such as Diwali and online shopping events. Meesho notably secured the fourth position in Asia, marking a significant climb of seven positions quarter-on-quarter (Q-o-Q), with a surge in new downloads primarily driven by users in India, the app’s core market.

In terms of quarter-on-quarter (Q-o-Q) growth, Disney, Meesho, and Amazon emerged as frontrunners in Asia, with their downloads soaring by 66%, 37%, and 38%, respectively.

Additionally, a recent report by AllianceBernstein hailed Meesho as the fastest-growing e-commerce platform in India, capturing a staggering 48% share in total e-commerce downloads. The report highlighted Meesho’s strategic expansion into cities beyond tier 2, leveraging its mass appeal and zero-commission model for sellers to gain market share effectively.

Over the past 12 months, Meesho has witnessed an impressive 43% year-over-year (Y-o-Y) growth in order volume, with its revenue also surging by 54%, driven by healthy take rates. Meesho’s success is further underscored by its substantial share of repeat customers, exceeding 80%.

Meesho revealed that its revenue from operations in the first half of the financial year (FY) 2023-24 surpassed the entire annual revenues of FY 2021-22, demonstrating its robust growth trajectory.

Asserting its position as India’s pioneering horizontal e-commerce company to achieve profitability, Meesho announced profitability in July 2023, a milestone it continues to maintain.

The report by Sensor Tower also highlighted India’s dominance in the global mobile app market, with a staggering 6.1 billion downloads across Google Play and the Apple App Store. India’s large proportion of millennials and GenZs, exceeding 600 million, presents a massive user base for mobile apps, surpassing even China. Following India, the United States and Brazil secured the second and third spots in downloads, respectively.

Established in 2015 by IIT Delhi graduates Sanjeev Barnwal and Vidit Aatrey, Softbank-backed Meesho reported consolidated revenue from operations of Rs 3,521 crore, marking a robust 37% year-on-year (Y-o-Y) growth, with losses for the period notably lower by 90% Y-o-Y in the first half of FY 2024.

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