Meesho aims for financial profitability in FY24, says Dhiresh Bansal

A 10 per cent drop in valuation will not impact the path to profitability for e-commerce firm Meesho, which expects the bottomline to be in black in FY24.

US-based Fidelity Investments has cut the valuation of the Bangalore-based company by 10 per cent to $4.4 billion. Fidelity had co-led Meesho’s $570 million funding round in September 2021 at a valuation of $4.9 billion.

“Our last round of fundraise was in September 2021. A lot has changed since then. The broader e-commerce industry as a whole, if you look at the listed players valuation, it has come down by 50-70 per cent in the last few years. Our value change is about 10 per cent of which 4 per cent is because of ESOP issuance.