Business
Top 10 Secrets You Should Know About Meesho
Whether it is shopping or doing business online, it has become a new trend and the most convenient way of doing everything. The one shopping app which is becoming the favorite of many people is Meesho. The meaning of this name is ‘my shop’ and this site was created in the year 2015 by Vidit Aatrey as well as Sanjeev Barnwal who are IIT Delhi graduates.
No wonder, the business model of this app is highly supportive of various homemakers to step into the world of entrepreneurship. It allows homemakers to set up their online stores without holding any experience and capital. Also, around 13 million entrepreneurs are simply connected with this app and most of them are women-owned businesses.
However, till now this application has completed orders from 100, 000 plus registered suppliers with 26, 000 plus pin codes, and that too in more than 4800 locations. This is helping to generate more than Rs.500 crore of revenue for Indian business owners.
Meesho is super simple to use without any requirement for tax registration, documents, etc. But the people who are new to this platform whether they are customers or on a journey of entrepreneurship, needs to have complete knowledge about it. Therefore, here are the top 10 secrets of Meesho that you should know:
Table of Contents
1. It Was Created In The Year 2015
The app was formed in the year 2015 and two men Vidit Aatrey as well as Sanjeev Barnwal. They both had a dream to help entrepreneurs in India to create their micro or small businesses and take them forward online. This is how Meesho was created which means ‘My Shop’. The essence of it is to gather customers for businesses, create brand identity, and sell goods online with the help of social media. No wonder, Meesho is famous among resellers.
2. Initial Challenges
The app took off well and this online retailing got famous within no time but Meesho had its own set of challenges like lack of supplies, transportation, proper transaction methods, etc. According to the founders, they never kept any inventories in their warehouses but during lockdown things were difficult. However, after the lockdown when the government lifted the restrictions, Meesho bounced back easily.
3. Solid Competition
No wonder Meesho is considered the pioneer of social e-commerce business in India but the startups such as Glowroad, Citymall, etc. are having their market share. Also, Flipkart’s Shopsyapp allows local business owners to easily open their online store. Due to all this, Meesho is competing with firms such as Flipkart, Amazon, etc. but is giving tough competition to them as well.
4. Effective Customer Care Strategy
Meesho has been very successful in having a service-centric network that makes sure that there is no interruption in customer service especially when the sale period is going on. To maintain proper responses and to beat the competition, it has outsourced various customer service agents as well as uses contact center applications from the best Genesys.
5. Unexpected Revenue
Another secret about Meesho is that in the fiscal year of 2020, it generated total sales of Rs.341.6 crores, and out of this Rs.307 crores was known to be operational revenue. However, Meesho spent Rs.657 crores on its expenses which further lead to a loss of Rs.306.70 crores. Overall, it has seen total two years of growth in this sector. Also, it has generated non-operating revenues of around Rs.48.5 crores which adds to its operating revenue of Rs.793 crores.
6. Meesho’s Funding
The application has received around $1.1 billion of funding over 11 rounds of its course. However, the recent funding of Meesho is from a debt financing round held on October 20, 2021. The application has a plan to go public in the year 2023 depending on the business and its overall situation. It is going to cater to Indian as well as US markets for its public listing as well as preparing for it.
7. Meesho Is Empowering Women Entrepreneurs
According to the highlights of yourstory.com, this app has achieved to empower Indian women to easily run their home-based business without any hurdles and simply create a strong professional identity. For almost every business, there is a need for many things like proper documentation, money, etc. which makes it difficult to start a business. Undoubtedly, Meesho has solved this for many women in India and has allowed them to make their name in this industry.
8. It Has Drawn The Attention Of Facebook
In the year 2019, the app made headlines when it got investments from Facebook. This was the very first time when Facebook invested in any Indian company. However, there is no information about the total investment made but this allowed Meesho to expand its business. This all happened because of Meesho’s unbeatable growth in tier-2 and 3 cities as well as its women resellers. It leads Meesho to great heights of success.
9. It Got Unicorn Status
As written by entrepreneur.com, Meesho got its funding close to $300 million and this round was completed by SoftBank Vision Fund 2. Also, other investors like Shunwei Capital, Facebook, Prosus Ventures, and a lot more participated as well. This round put Meesho’s valuation at $2.1 billion which makes it the 5th Indian start-up to get the Unicorn status. This is the status for startups with a complete valuation of $1 billion and even more.
10. Meesho Is Going To Get Bigger
This application has grown at an exceptional rate which makes it a complete hit with a great number of suppliers and generating a steady income. However, with the cash injection that it gets from the recent round of funding, Meesho is just going to get better and bigger.
Endnote
Meesho, as an application is making its way into the hearts of people. There are many secrets about this application that makes it unique and a great success. The above-mentioned are some top secrets about it which will allow you to know it better and its journey till now.
To know more about keep reading Lemony Blog.
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