In the same month, the company laid off more than 150 employees, mostly from Farmiso, as it aimed to integrate its wholesale business into core applications.
And before that, the social trading platform laid off more than 200 employees during the first wave of the pandemic.
According to Inc42’s report, “low revenue and high cash burn are the reasons behind the startup’s decision to shut down operations in most cities” this time around.
Meesho Superstore operates in six states – Karnataka, Telangana, Andhra Pradesh, Gujarat, Madhya Pradesh and Maharashtra.
The report says Meesho allegedly offered two months’ salary as severance pay to those who were made redundant.
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For the uninitiated, Meesho as a marketplace offers small businesses, spanning small and medium enterprises (SMEs), micro, small and medium enterprises (MSMEs) and individual entrepreneurs, access to millions of customers, over 700 categories, pan-India logistics, payment services and customer support capabilities.
Meesho recently reached 100 million transacted users.
Since March 2021, the base of users transacting on the platform has increased 5.5 times while the variety has not increased to 72 million over the same period, according to the startup, according to the report.
Vidit Aatrey, Founder and CEO of Meesho, said the company hopes to integrate the Meesho Superstore into its core app. ***
“What started as a pilot project in Karnataka is now seeing positive traction in six states. Driven by our user-centric mindset, this integration will deliver a unified shopping experience to millions of Meesho users. , while giving us the ability to drive stronger synergies across all areas, such as customer acquisition, technology, product and talent,” he said in a statement, according to IANS. .
Additionally, Meesho has launched a pilot project in Karnataka to make online grocery shopping affordable, and the company aims to make supermarkets available in 12 states by the end of 2022.
