February 10, 2024
Bengaluru-based e-commerce platform Meesho has achieved a groundbreaking feat by emerging as India’s most downloaded shopping application, securing an impressive 63 million downloads between October 1 and December 31, 2023. This revelation stems from a comprehensive report by software company Sensor Tower.
Meesho’s Ascendancy in Q4 2023
The Sensor Tower report highlights a significant surge in India-based shopping apps during Q4 2023, attributed to festive occasions like Diwali and prominent online shopping events. Meesho, in particular, secured the fourth position in the Asia download ranking chart, marking a noteworthy climb of seven positions quarter-on-quarter (Q-o-Q). The surge in new downloads primarily emanated from users in India, reaffirming Meesho’s stronghold in its core market.
In the realm of quarter-on-quarter (Q-o-Q) growth, Meesho stands out alongside industry giants Disney and Amazon. Meesho experienced a remarkable 37% growth in downloads during this period, solidifying its status as a frontrunner in the competitive Asian market.
AllianceBernstein Recognizes Meesho’s Dominance
A recent report by AllianceBernstein further solidified Meesho’s standing, recognizing it as the fastest-growing e-commerce platform in India. Meesho commands an impressive 48% share in total e-commerce downloads, showcasing its strategic expansion beyond tier 2 cities and leveraging a zero-commission model for sellers to effectively gain market share.
Over the past 12 months, Meesho has displayed robust year-over-year (Y-o-Y) growth, with a 43% increase in order volume and a staggering 54% surge in revenue, driven by healthy take rates. The e-commerce giant’s revenue from operations in the first half of the financial year 2023-24 surpassed the entire annual revenues of FY 2021-22, underscoring its rapid growth trajectory.
Sensor Tower’s report sheds light on India’s dominance in the global mobile app market, boasting a remarkable 6.1 billion downloads across Google Play and the Apple App Store. With over 600 million millennials and GenZ users, India’s massive user base surpasses 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 continues to make waves in the e-commerce landscape, reporting consolidated revenue from operations of Rs 3,521 crore, reflecting a robust 37% year-on-year (Y-o-Y) growth in the first half of FY 2024, coupled with a noteworthy 90% reduction in losses for the same period.
