Indian e-commerce firm Meesho's quarterly loss spikes on higher expenses [Yahoo! Finance]
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Source: Yahoo! Finance
The firm's ?consolidated net loss widened to 4.91 billion rupees ($53.44 million) for the quarter ended December 31, compared to a loss of 374.3 million ?rupees a year ?ago while expenses rose 44% to 40.71 billion rupees. Revenue rose nearly 32% ?to 35.18 billion rupees as India's growing online consumer base looks for cheaper and more convenient ways ?to shop. The company, backed by Softbank ?RIC and Peak XV Partners, has carved out a niche for itself by offering low-priced products without charging sellers a commission, in a space that has giants such as Amazon.com ?and Walmart-owned Flipkart vying ?for customers in the world's ?most populous country. Consumer firms in India are witnessing a rebound in demand ?after a ?lull period as tax cuts and festive demand have lifted spending. Shares of the closed ?nearly 3% higher ahead of the results. ($1 = 91.8770 Indian ?rupees) (Reporting by Komal Salecha in Bengaluru; ?Editing by Mrigank Dhaniwala)
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