Meesho

“This year Diwali being pushed forward into November, our annual sale will kind of start during the month of October. And that is a significant GMV generating event for us and hence you would see some variations in terms of growth rate Y-o-Y in Q2 versus kind of the trajectory that we are on.”

“But on a Q2 and Q3 combined basis, we will look similar to the trajectory that we are on.”

“I think we are still much higher as compared to the long-term projections of growth that we have mentioned and we expect to kind of stay there.”

“Overall, if you see, Meesho Mall continues to grow at much faster pace as compared to the overall platform.”

“It's substantial part of our business, so it's not insignificant, and we anticipate that this should be a large part of our growth story over the next three, five, maybe even longer years.”

“You are right that the ad revenue that comes from brands on Meesho Mall as a percentage of NMV is higher than the overall platform because brands tend to basically spend higher as compared to a typical seller overall in the economy.”

“So, I think this is the part that we're most focused on for the upcoming few quarters as well to get the ad adoption very close to kind of the largest sort of GMV contributing seller base.”

“And it should keep contributing to our long-term ad revenue goal as well because we make more ad revenue when brands sell on our platform.”

“we believe online as a channel, Meesho as a channel, should only gain share from all the other channels for our customer.”

“But I would say like there is no change as such in the competitive environment. It has stayed high and we will always expect it to stay high.”

“So we expect to kind of keep growing at very healthy levels and all the key levers, be it annual transact, user base growing, frequency growing, growth across categories, we expect to kind of keep seeing that even in the future.”

“I think you should anticipate that we will continue to reduce our logistics cost at a very good pace, something that we have talked about even during the IPO.”

“our cost per delivered order actually came down even during this quarter by about a rupee versus kind of the previous quarter.”

“Again, in the coming quarters, we expect to continue to gain efficiencies.”

“We did see some of the product pricing going up and then as the fuel hike happened and we passed on some of those impact into pricing as well, we did see AOV kind of increasing because of that.”

“The cost increases as well as pricing increases happened sort of simultaneously. So there was no timing effect of passing to the revenue sooner than kind of the cost coming in.”

“So, on Kirana Club, I think first of all, contribution to P&L will happen over the long term. The business is really, really small.”

“early product-market fit, a lot of work needs to be done before it becomes significant for the platform, and that's why it will stay in the new initiatives bucket that we continue to disclose.”

“I would not say that we've been able to make it work at scale. We are still in the experimentation stage, but we believe it's again quite important for the long run.”

“So it may take a longer time, but like we are patient and we believe in the long-term opportunity. So I think we will continue to invest behind it, but it may take a while before we reach product-market fit here.”

“So I would say potentially fruits and vegetables at some point in time, staples, a lot of very small average order value products, like sub INR20, sub INR30 products that we do not believe can become viable on our core platform.”

“Our AGM is kind of upcoming, we would seek those sort of appointments for Director positions for Founders and certain investor nominees.”

“Changes in fuel prices as well as minimum wages, I think are going to be small blips in that entire picture, and that's reflected even in this quarter number.”

“However, we have not received any communication from SEBI on this topic. So we continue to kind of see how this kind of progresses, but we have good reason to believe that there is no risk exposure coming out of this.”

“Just to clarify, there has been no question asked by any regulatory authority or tax authority to us on this matter.”

“So, there shouldn't be any adverse impact if we are required to pay that. That being said, those amounts are not material in nature.”

“From a conservative standpoint, we continue to make provisions and provide for any of those costs into our P&L.”

“All of the logistics operations are kind of now running on a fully stabilized basis, quite beyond the Q2, Q3 disruption that we had in the previous year”

“I think if I look at the last quarter, AOV declined by about 2% year-on-year.”

“In terms of quantification, I think again last quarter was about 50%, similar to kind of the previous quarter before that.”

“I think Valmo share is no different materially from what it was in the previous quarter.”

“So fundamentally no change to the philosophy. We operate with a budget hard cap in terms of what the new initiative burn could be.”