E-commerce

Meesho

Meesho's annual return for FY25 discloses the group ownership at March 31, 2025. The sole promoter of Meesho Limited India is Meesho Inc, a Delaware-incorporated holding company, owning 96.87%. Two 100%-owned Indian subsidiaries (Meesho Grocery, Meesho Technologies) were incorporated March 2024 and had minimal FY25 activity. The reverse flip that Meesho announced in 2024 was incomplete at year end. The FY26 audit, post the May 2026 IPO, will show the flipped structure.

Meesho

Meesho's balance sheet shows zero borrowings at FY25 year end. The charges register tells a more textured story: 11 secured-facility events across the last four years totaling approximately ₹1,750 Cr registered, of which ₹150 Cr is currently active with SBI, Axis, and others. The pattern is short-tenor working-capital and bridge financing (6 to 12 month duration) drawn and satisfied on the fly, not long-term structural debt. The June-September 2025 JP Morgan ₹266 Cr bridge is coincident with the pre-IPO calendar.

Meesho

Meesho's ten-year public records covers FY2016 through FY2025. The trajectory divides cleanly into four phases: pre-revenue build (FY16-19), advertising binge (FY20-22, peaked at ₹2,579 Cr on ₹3,232 Cr revenue in FY22), great tightening (FY23-24, advertising cut 82% while revenue grew 133%), and pre-IPO year (FY25, ₹9,388 Cr revenue with ₹543 Cr positive OCF but a ₹3,883 Cr reported loss driven by non-cash ESOP crystallization). Cumulative losses across ten years: approximately ₹11,500 Cr.

Meesho

Meesho's annual return for FY25 discloses managerial-remuneration for co-founders Vidit Aatrey and Sanjeev Kumar totaling ₹1,408.74 Cr. Only ₹10.12 Cr is cash salary. The rest is ₹663.93 Cr of stock/equity and ₹734.70 Cr of 'other' non-salary components tied to the pre-IPO ESOP crystallization. The four prior years combined, the two founders took ₹19 Cr. FY25 alone is 193x FY24.

Meesho

Meesho's FY25 audit records the biggest single-year loss expansion in the company's history: from -₹305 Cr in FY24 to -₹3,883 Cr in FY25. Revenue grew 23% to ₹9,388 Cr. The loss did not come from advertising (which stayed low at ₹643 Cr, 6.9% of revenue) or a cost-side blowup. It came from a ₹1,409 Cr founder remuneration event, ₹664 Cr of which is stock-based and ₹735 Cr of which sits in 'other' non-salary components tied to the pre-IPO ESOP crystallization. Operating cash flow stayed positive at ₹543 Cr. The company is Indian in operations but 96.87% owned by Meesho Inc (a Delaware holding company), the pre-flip structure still in place at year end.

Amazon

Amazon Seller Services Private Limited, the Amazon India marketplace, reported FY2025 revenue of ₹30,139 Cr (+19%) and a net loss of ₹374 Cr, an 89% reduction from FY2024's ₹3,470 Cr loss. Operating cash flow jumped 7x to +₹5,063 Cr. The marketplace approached reported accounting break-even at the standalone layer. The cumulative picture is at a different scale: Amazon has deployed ₹55,337 Cr of equity capital into ASSPL since incorporation, of which ₹45,650 Cr now sits in accumulated retained losses. FY25 was the first year ASSPL needed no fresh cash equity infusion from Amazon.

Myntra

Myntra reported FY2025 net profit of ₹548 Cr versus ₹26 Cr in FY2024, a 21x increase on revenue growth of just 18%. Pre-tax operating profit grew 16x to ₹411 Cr; a ₹137 Cr deferred tax credit lifted the headline further. The structural drivers: gross margin held, employee costs fell 6%, and non-advertising operating expenses scaled sub-linearly. Operating cash flow swung from -₹1,755 Cr to +₹24 Cr, an inflection on the cash side as well.