• Top-line growth metrics: Net Merchandise Value (NMV) grew by 43% year-on-year in Q4, supported by an annual transacting user base crossing 264 million and transacting frequency increasing to approximately 10.1 times in the last 12 months.
• New business verticals: Meesho Mall and content commerce grew above 80% and close to 100% year-on-year respectively, while an approved ₹100 crore equity infusion into Meesho Payments will fund early-stage lending initiatives with NBFC partners.
• Logistics and margins: Disruptions stemming from third-party logistics consolidation in the previous year have been resolved, returning contribution margins back to Q1 levels as cost efficiencies improve.
• Cash flow outlook: Fixed costs across headcount, server infrastructure, and user acquisition are expected to decline as a percentage of NMV, with management noting that the losses behind the negative ₹633 crore trailing 12-month free cash flow are now largely in the past.