The Morning Brief Meesho's Market Moment
Dec 2, 2025
In a fascinating chat, Vidit Aatrey, Co-founder and CEO of Meesho, shares insights into the company’s innovative asset-light model that's challenging giants like Amazon and Flipkart. He discusses achieving 50% order growth and positive cash flow while expanding into AI personalization and financial services. Vidit also explores the challenges of scaling sustainably, rising return rates, and leveraging WhatsApp resellers. His unique perspectives on Meesho's market strategy and future plans provide a fresh view on e-commerce in India.
AI Snips
Chapters
Transcript
Episode notes
Value-Commerce Over Full-Stack E‑commerce
- Meesho grew by targeting value-conscious buyers in smaller towns with a low AOV and an asset-light model.
- That playbook mirrors Pinduoduo/Shopee more than Amazon and enabled rapid scale without owning warehouses.
Growth Can Widen Near‑Term Losses
- Meesho's unit economics shifted as GMV grew faster than take-rate NMV, pushing EBITDA losses up despite order growth.
- The company argues higher user frequency and category expansion will restore margin benefits over time.
Spend When Payback Periods Are Strong
- Prioritize customer acquisition while payback periods remain attractive rather than delaying growth.
- Optimize for free cash flow so you don't need to dilute shareholders even while spending to grow.