Mumbai-based e-commerce platform Meesho has reported a six-fold increase in losses for the fiscal year ending March 2022, reaching INR 3,247 crore ($440 million).
The company attributed the surge in losses to rising advertising and other expenses.
However, the company’s expenses also rose significantly, with advertising expenses alone reaching INR 2,080 crore ($286 million). Other expenses, including employee benefits and operational costs, also contributed to the overall increase in losses.