Bengaluru-based online shopping platform Meesho has announced its largest-ever Employee Stock Ownership Plan (ESOP) buyback, worth Rs 200 crore, benefitting around 1,700 current and former employees.
The company said the move reflects its ongoing commitment to wealth creation for its workforce despite challenging macroeconomic conditions. “At Meesho, our employees are the driving force behind our success,” said Ashish Kumar Singh, Chief Human Resources Officer at Meesho.
This marks the fourth ESOP buyback initiative at Meesho, with the size of the program increasing each year. The company had previously conducted buybacks of Rs 8.2 crore in February 2020, Rs 41.4 crore in November 2020, and Rs 45.5 crore in October 2021.
Meesho, which became the first horizontal Indian e-commerce company to turn profitable in July 2023, continues to maintain positive cash flow while improving operational efficiency.
The company’s revenue from operations for FY 2022-23 grew by 77% year-over-year, reaching Rs 5,735 crore. This growth was driven by Meesho’s position as India’s most downloaded shopping app in both 2022 and 2023, higher transaction frequency from existing customers, and a broader category mix. Meesho also focused on better monetization through value-added services for sellers, contributing to its revenue surge.
For the first half of FY 2023-24, Meesho reported consolidated operational revenues of Rs 3,521 crore, a 37% increase over the same period last year. The company achieved profitability in Q2 FY24, with losses significantly lower than the previous year.
Meesho’s app download figures also remained strong, recording 145 million downloads in India in 2023 and crossing 500 million downloads in the first half of FY 2023-24.
The announcement highlights how Meesho continues to prioritize employee rewards while scaling as a profitable and efficient player in India’s competitive e-commerce landscape.