Furthering the mission to democratize internet commerce for all, Indian e-commerce marketplace Meesho announced a visionary goal to onboard 10 million small businesses by 2027 and help them succeed online. This goal is poised to reshape the landscape of Indian commerce, bolstering small businesses, MSMEs, and individual entrepreneurs on their path to success.
The announcement embellishes Meesho’s image as a flagbearer of SMB empowerment at grassroots. The aspirational goal marks a remarkable ten-fold expansion of the company’s current seller base of 1.3 million, simultaneously unlocking new opportunities for small, medium, and local enterprises with an annual turnover below 40 lakhs, to embrace the realm of digital commerce.
This initiative also aligns with the decision taken by the Government of India to relax the mandatory GST requirement for online sales for businesses with annual turnover of less than 40 lakhs.
What Research Says
According to a recent report by RedSeer, India boasts an estimated 85 million MSMEs, yet only a mere 1.5 million currently operate within the online sphere. This glaring disparity underscores the immense untapped potential within this sector – a potential that can empower even the smallest sellers from every corner of the nation to partake in the e-commerce revolution and uplift their businesses.
With a substantial portion of new seller registrations faltering during the GST registration phase, Meesho intends to take advantage of the anticipated easing of GST regulations and unlock opportunities for micro and small enterprises to embark on their inaugural online journey. This strategic shift is set to usher in a new wave of entrepreneurs, spanning homemakers, boutique owners and mom-and-pop stores.
Vidit Aatrey, CEO & Founder, Meesho, says “Our commitment to onboard 10 million sellers onto the platform by 2027 serves as a resounding testament to our ongoing mission of democratizing internet commerce for all. The resilience and vitality of MSMEs form the backbone of our nation, and their empowerment holds the potential to breathe life into a rejuvenated economy.”
“Guided by an unwavering dedication to technological advancement, innovation, and inclusivity, we are poised to unlock secondary income avenues for offline sellers. Our vision extends beyond mere figures; it envisions a nurturing environment that catalyzes the expansion of over 80% of the existing MSMEs. As we embark on this transformative journey, we not only bridge the digital divide but also champion ‘Atmanirbhar Bharat’ by cultivating a thriving online community that embodies progress and self-reliance,” he adds.
Meesho’s Journey
With a vision to enable 100 million small businesses, including individual entrepreneurs, to succeed online, Meesho is democratizing internet commerce and bringing a range of products and new customers online.
The Meesho marketplace provides small businesses, which includes SMBs, MSMEs and individual entrepreneurs, access to millions of customers, selection from over 30 categories, pan-India logistics, payment services and customer support capabilities to efficiently run their businesses on the Meesho ecosystem.
Meesho recently became the first horizontal e-commerce company in India to achieve profitability, surpassing all expectations, cementing its position as an industry trailblazer.
The company achieved profitability at a consolidated PAT level, incorporating all costs, including ESOP, across all divisions and categories, months ahead of schedule. Operating on a 0% commission model, Meesho presents an appealing opportunity for its sellers, predominantly comprising small businesses and individual entrepreneurs.
The year 2023 has been a momentous one for Meesho, garnering prestigious accolades such as being recognized as the world’s fastest shopping app to reach 500 million downloads, India’s fastest e-commerce platform to amass a 1 million seller base, and earning a coveted spot-on TIME’s list of 100 most influential companies in 2023.
