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Ecommerce unicorn startup Meesho has confirmed the resignation of its CXO of business, Utkrishta Kumar.
After a successful five-year tenure with Meesho, Kumar will reportedly embark on his own entrepreneurial journey in the fintech sector.
“We would like to express our heartfelt gratitude to Utkrishta Kumar, who has decided to move on to pursue his entrepreneurial dream after a successful 5-year stint with us. He has been instrumental in shaping our business and has played a key role in our success over the years,” said Meesho’s spokesperson.
Meesho's appointments in leadership
Following Kumar's departure, Meesho has announced Megha Agarwal, previously the CXO of growth, as the new CXO of business.
Additionally, Nilesh Gupta, the senior director of growth, has been promoted to the role of General Manager - User Growth.
As part of the reshuffle, Sourabh Pandey, CXO of fulfilment and experience, will now also oversee lead Net Merchandise Value (NMV) retention. All these leaders will continue to report to Meesho's CEO, Vidit Aatrey, the company said.
How well Meesho is performing financially?
Meesho's journey has been marked by significant milestones. The company's revenues grew from Rs 85 crore in FY19 to Rs 3,360 crore in FY22.
However, the focus on rapid expansion led to a widening of losses from Rs 100 crore in FY19 to Rs 3,250 crore in FY22.
Meesho's focus on profitability
Recently, Meesho announced its profitability on a Profit After Tax (PAT) basis for July 2023. The startup attributed this achievement to reduced customer acquisition costs and enhanced monetisation strategies.
Despite this positive turn, projections suggest that Meesho might not conclude FY24 with overall profitability.
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