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India ’s Meesho is speedily gain exploiter traction , challenge entrenched leadership Flipkart and Amazon .
The Bengaluru - headquartered inauguration , whichoperates a social commerce platform , is currently at a GMV trial pace of over $ 5 billion and its eponymous app grow 32 % year - over - year in December 2023 , far outpacing Flipkart ’s 21 % growth and Amazon ’s 13 % user growth over the same period , psychoanalyst at AllianceBernstein tell in a note Wednesday .
Meesho ’s strategical prioritization of small Town and focus on peck - market , value - witting customer base is paying dividend , according to AllianceBernstein . Over 50 % of Meesho ’s sales come from Tier 2 and below city , let it to effectively aim a demographic largely overlooked by Flipkart and Amazon so far , the report review by TechCrunch said .
Meesho , valued at nearly $ 5 billion , counts Meta , SoftBank , Fidelity , B Capital and Prosus among its backers .
Additionally , Meesho ’s positioning as a platform for small , unbranded sellers combined with zero vender commissions seem to be drive speedy adoption . “ Amazon India outgrowth lags as Tier 2 + drug user drive 80 % of atomic number 99 - commercialism , ” AllianceBernstein analyst drop a line .
In the last 12 month , Meesho ’s order volume has grown by 43 % YoY with revenue growth at 54 % through healthy take rate , the report added . Apparel and fashion be 50 % of Meesho ’s GMV . The inauguration has amass 120 million monthly alive users , according to AllianceBernstein . Meesho ’s MAU base is maturate at 29 % YoY , and keeping rates remain strong at 85 % repeat client , the report added .
The reputation estimates Flipkart currently control 48 % gross merchandise economic value ( GMV ) plowshare of India ’s on-line retail diligence , with its GMV progress to around $ 29 billion in FY2023 .
