Annual 2023

Report 2024
 Annual Report | 2023-2024

Contents
FASHNEAR TECHNOLOGIES PRIVATE LIMITED
CORPORATE INFORMATION 01

LETTER FROM THE CEO 02

KEY METRICS 05

WHAT WE ARE BUILDING 06

Our Mission
Our Ecosystem

DRIVING SUSTAINABLE GROWTH WITH A FOCUS ON PROFITABILITY 13

Operating Performance
Financial Performance
Key Drivers of Growth

WHAT POWERS MEESHO: TECHNOLOGY, VALUES, LEADERSHIP & COMPLIANCE 18

FROM INCLUSIVE GROWTH TO TRANSPARENT GOVERNANCE:

MEESHO’S ESG STRATEGY 23

TRUST & SAFETY - BUILDING A SECURE E-COMMERCE PLATFORM 27

STATUTORY REPORTS AND FINANCIAL STATEMENTS 28

 Annual Report | 2023-2024

FashNear Technologies Private Limited

Corporate Information
BOARD OF DIRECTORS CHIEF FINANCIAL OFFICER STATUTORY AUDITOR

Mr. Vidit Aatrey Mr. Dhiresh Bansal S. R. Batliboi & Associates LLP
12th Floor “UB City” Canberra Block, No. 24,
Whole -Time Director
Vittal Mallya Road, Bengaluru – 560 001, India
COMPANY SECRETARY
Mr. Sanjeev Kumar Barnwal
Mr. Rahul Bhardwaj
Whole -Time Director

REGISTRAR AND SHARE TRANSFER AGENT REGISTERED OFFICE: WEBSITE:

KFin Technologies Limited 3rd Floor, Wing-E, Helios Business Park,

https://www.meesho.com
Kadubeesanahalli Village, Varthur Hobli,
Selenium Building, Tower - B, Plot No. 31-32, Financial District,
Outer Ring Road, Bengaluru,
Nanakramguda, Serilingampally, Hyderabad, Rangareddi,
Karanataka- 560103
Telangana - 500032, India.

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 Annual Report | 2023-2024

Letter From The CEO

In 2015, Sanjeev and I rode an entrepreneurial wave. We envisioned • Consumers are at the core of our marketplace. We offer
a business that would bring e-commerce to millions of Indian consumers a wide assortment of over ~110 million daily active
businesses—unlocking opportunities for consumers, businesses, listings at attractive price points, and make their e-commerce
and partners alike. Our goal was simple: empower a billion experience simple, engaging and hyper-personalized through
consumers and millions of businesses to thrive online. Our mission AI-driven recommendations. As of Dec'24, ~187 million consumers
encompasses this goal holistically transacted on our platform in the previous twelve months, the
highest amongst e-commerce platforms in India.
“Democratise Internet
Commerce for Everyone” • Sellers on our marketplace comprise retailers, manufacturers of
retail products, local artisans and craftsmen. We give our sellers
As we celebrate Meesho’s 10th anniversary, we’ve reached several
access to India’s largest online transacting consumer base at the
key milestones: the largest order and user base on a single
lowest operating cost for them. Further, through highly targeted
e-commerce platform, India’s most downloaded shopping app for
advertisements we increase visibility of their products, and
four consecutive years, and the first cash flow positive, horizontal
through AI driven analytics we give them insights on what to sell.
e-commerce company in the country. But the best is yet to come.
We are an inclusive platform providing all our sellers equal
Our highly scaled, technology and AI driven e-commerce platform
opportunities to sell.
connects our four stakeholders, viz. consumers, sellers, logistics
partners and content creators.
• We work with ~6,000+ logistics partners through Valmo, our
in-house logistics platform, and multiple 3PL express parcel
delivery companies. Valmo, our asset light in-house logistics
platform, leverages existing unutilized capacity of our logistics
partners to fulfil our high order volumes across ~15,000+ pincodes of
Our goal was simple: the country. This enables them to utilize their logistics assets better
empower a billion consumers and have higher earning opportunities by integrating with our

and millions of Indian platform.

businesses to thrive online. • We empower content creators to monetize their creativity and
influence by enabling sales of our sellers’ products through video
commerce and live commerce. This enhances the shopping
experience of our consumers and creates a social media like
virality on the platform. We have empowered ~17,000 creators
through this initiative.

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These four ecosystem partners are connected through multiple

Power of natural Number of times, our potential shareholders ask us this question
on what will be the moat in our business. Our moat is simple: let our
selection and
inter-linked flywheels based on the foundation of technology and
AI described in a simplified fashion in the image below. marketplaces evolve with the right incentives. Platforms at scale
platforms have very strong competitive advantages. Many of the world’s
most valuable businesses are platforms for this reason. As we add

“But Natural Selection, as we shall hereafter see, is a power new platforms, the value for shareholders only increases.

incessantly ready for action, and is immeasurably superior to

More Creators man's feeble efforts, as the works of Nature are to those of Art.” -- Focus on Long Term
Free Cash Flow
and content
Charles Darwin, The Origin of Species

“It is not from the benevolence of the butcher, the brewer, or the instead of accounting
More
Consumers Content
baker, that we expect our dinner, but from their regard to their own PAT / EBITDA
Commerce
Flywheel
interest.” -- Adam Smith, The Wealth of Nations
Better Discovery

Two of the most inspiring books that I have read in my lifetime Shareholder value is the discounted sum of all future cashflows of

have been “The Origin of Species” by Charles Darwin and “The the company. To simplify communication, companies started
Better
Pricing and Commerce
Assortment Flywheel Wealth of Nations” by Adam Smith. Both were based on using metrics such as EBITDA or accounting PAT to be the proxy for
More orders

revolutionary premises – natural selection and the hand of free the cashflow generation capabilities of a business. Now, while

markets. There is resonance in the way evolution has occurred in EBITDA or PAT does provide some indicative reference to cashflows,

nature, and wealth generation in capitalistic societies. With the it ignores two of the most important components of free cashflow
Logistics
Flywheel More Logistics right objective functions, survival and replication in the former and i.e. capital expenditure and working capital. Shareholders,
More Partners
Sellers
capital accumulation in the latter, survival of the fittest principles especially in retail businesses be it offline retail or inventory-based

ensured that the system continued to become more efficient and e-commerce, have seen dilution in value from both the

resilient. components over years.

Low Cost

Inspired by Darwin’s insights on natural selection and Adam Having witnessed this, we focus on Long Term Free Cash Flow (FCF)

Technology and Artificial Intelligence Smith’s free markets, we built a business that evolves organically. per share as the north-star metric of our business. We believe that
Foundation Layer
We start with the right supply and clear objectives, and our it truly and accurately depicts the health of a business, without the

platforms—seller marketplace, logistics platform Valmo, and added complexity of ignoring different components of shareholder

Creator marketplace—grow stronger over time. dilution or value creation.

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 Annual Report | 2023-2024

All investments and capital allocation in the company ultimately • User First: Obsess over our users, be it consumers, sellers, • Company > Team > Individual: We aim to put the company’s
optimizes for long term FCF generation and we use a framework of logistics partners or creators. Users are our greatest source of interest above the team and team’s interest above individuals’.
Long-Term IRR on FCF to make investment decisions be it in terms truth. We even have a ‘Listen or Die’ programme, a Meesho We display teamwork and collaboration.
of operating expenditure such as marketing expenses or ritual, to inculcate the habit of listening to users from day one.
• Growth Mindset: We put in continuous effort towards
manpower expenses, or capital expenditures such as investments
organization, team and self-improvement. This Mantra helps
into fixed assets. • Think Long Term: We take audacious goals and work
us to be imaginative, curious and open-minded to feedback
backward to achieve targets. We build to scale. We take “Big
We will continue to use this framework for the generation of best and improvement.
Hairy Audacious Goals” and aim to create long term value for
possible returns for our shareholders including our employees.
our stakeholders. Our long term thought process is further
• People Centric Workplace: We respect people and cultivate a
reflected in our capital allocation philosophy with using
culture of empathy and understanding. We spread positivity
Long-Term (typically five years) marginal IRR.
and celebrate wins.
How do we make • Lightspeed: Lightspeed personifies the need to move at the
decisions? fastest level possible. The pursuit of Lightspeed always means
Vidit Aatrey | Founder & CEO, Meesho
that we can keep moving faster than what we think is possible
Our decision making has evolved over time to focus on certain today. This Mantra helps us set aggressive deadlines and
core principles. We use them to prioritize, to resolve deadlocks, and always ask the question on how we could achieve 90% of the
generally be the guiding light for how to do business the right way. impact in 50% of the time we had originally set out.
Our employees are evaluated and given feedback on these
competencies frequently. These are not set in stone, and as we • Think 10X, Take Risks: We empower our employees, at all levels,
learn, they continue to evolve with us. I am sharing these “Meesho to be a fountainhead for ideas and their implementation. For
Mantras” here: them to do so, we provide several tools and opportunities – for
instance, any employee in the company could propose a new
• Problem First Mindset: Define the problem before leaping to
experiment at small scale, quickly iterate and learn whether it
solutions. We believe in asking 'why' until you get to the core
is successful or not.
problem before solving it. We challenge the status quo and
solve from first principles.
• Hire and Grow Exceptional Talent: We raise the bar with every
hire and promotion. We believe in developing people and
enabling them to be the best version of themselves. We hire the
best. We embrace giving and receiving feedback.

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Key Metrics
FY’24

~1.3 Bn ~31% YoY Growth

~3.7 Mn
Orders Orders/day

INR 197 Cr First horizontal Indian e-commerce company

Free Cashflow to generate positive free cashflow

INR 1,393 Cr ~85% YoY Growth

Contribution Profit

April to December 2024 As on December 31, 2024

~1.3 Bn ~187 Mn
Orders Unique Annual Transacting Users

~34% ~4.8 Mn ~26%

YoY Growth Orders/day YoY Growth

*As the financial metrics for April-December 2024 are unaudited, they are not included in this report.
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What We Are Building

Our Mission: Democratize Internet
Commerce for Everyone

By building a platform that is accessible and affordable, we are prices, enabling sellers to maximize earnings by prioritizing ease of doing
empowering businesses of all sizes and serve a diverse business, equipping content creators with opportunities to grow their
customer base, whether a high-income urban shopper or a tier reach and influence or supporting logistics entrepreneurs through
4 city user. We believe everyone should have access to a wide Valmo, our user-first approach drives every initiative.
range of products at the right price to meet their unique needs.
We take pride in what Meesho has become: India’s most downloaded
This commitment to inclusivity is at the heart of our mission to e-commerce platform that supports over ~400,000 transacting sellers,
democratize internet commerce for everyone. It's about fuelling connects them with ~187 million unique Annual Transacting Users,
aspirations and eliminating barriers to opportunity. Whether enables ~6,000 logistics partners and ~17,000 content creators across the
that’s by providing users with a vast selection at everyday low country (data as on Dec‘24).

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Our Ecosystem

1 Redefining Accessibility and Affordability

For Indian E-Commerce Users 2 Digitizing Indian
Businesses

3 Revolutionizing E-commerce
Logistics with Valmo 4 Content Commerce:
The Future of Shopping

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1. Redefining Accessibility and Affordability For Indian E-Commerce Users

Being India’s most downloaded shopping app reflects the redefined the experience to align with the shopping behaviors of the Unlike traditional search, where users explicitly state their needs, our
growing trust and loyalty of ~187 million unique Annual majority of Indian users, making it practical, accessible, and AI-powered recommendations proactively suggest relevant
Transacting Users (ATUs as on Dec’24), but also highlights our affordable for all. What truly sets the platform apart is our tech-first products, increasing the likelihood of a purchase. This personalized
continued commitment to delivering exceptional value and a approach, which enhances the overall user experience through approach not only helps users find what they were looking for but also
seamless shopping experience. In addition, our orders and advanced real-time personalization. uncovers new products that meet their evolving shopping needs,
ATUs have continued to record a healthy year-over-year leading to increased time spent on the platform. As a result, Meesho
By leveraging AI models to analyze factors like category preferences,
growth at 34% and 26% respectively. continued to be the most engaged shopping application in India in
demographics, and time spent on the platform, we deliver a highly
terms of average time spent per day per user according to Sensor
For many, Meesho has also served as their gateway to personalized shopping experience, giving each user a unique
Tower (as on Dec’24).
e-commerce, introducing them to online shopping for the first homepage, tailored specifically to their tastes and needs.
time. By enabling smaller, more frequent transactions, we’ve

A homemaker, discovered the ease of online shopping

An 18-year-old university student, who enjoys playing hockey through Meesho. With limited access to local markets, she
and watching cricket. Like most students, he is always on the now finds everything she needs—right from home—with just a
lookout for stylish and affordable clothing. few clicks.

Yashwanth R . University Student, Sanju Sharma . Homemaker,

Bengaluru, Karnataka Lucknow, Uttar Pradesh

“Meesho has become my go-to platform for affordable and stylish fashion. One of my favorite “I live in an area where there aren’t many shops nearby, so buying good clothes or household
features is the voice search tool, which lets me find products even while I'm on the move. items meant traveling far—which wasn’t always possible. Since I manage everything at home,
Whether I’m searching for a t-shirt for college or an ethnic outfit for a family celebration, Meesho shopping was also my responsibility. One day, I saw a Meesho ad on TV and decided to try the
always has a great variety of options that fit my budget. The app is super easy to use and the app. It completely changed how I shop. There’s a huge variety, and I often find things at better
prices help me save a lot, which is a big deal for a student like me. For me, Meesho is the perfect prices than local stores. If I see something I like while out with friends or family, I can simply upload
combination of variety and affordability, making shopping hassle-free and enjoyable.” a photo on Meesho and find similar options. Even if something doesn’t fit, returns and exchanges
are easy and happen right at my doorstep. Earlier, shopping meant spending extra time and
money. Now, I can find everything I need without leaving home—which really helps as I juggle so
many things every day.”

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2. Digitizing Indian Businesses

Indian manufacturers and businesses have traditionally faced challenges in
expanding their reach and embracing the digital economy. High marketplace
commissions, competition from platform-owned private labels, and complex
e-commerce interfaces have made it difficult for them to thrive. By prioritizing
ease of doing business, Meesho eliminated these barriers, enabling over
400,000 annual transacting sellers to succeed online and transforming the way
Indian businesses operate in the digital age.

In 2021, Meesho became the first e-commerce platform in India to introduce a

0% commission model, allowing sellers to retain 100% of their profits. This
industry-first approach along with our razor sharp focus on driving better
operational efficiencies for sellers has empowered them to unlock affordability. Mansiha, a garment manufacturer based in Bengaluru, founded SNF Garments five
years ago in the aftermath of the COVID-19 lockdown. Since then, she has successfully
As a result, a vast selection of ~110 million daily active product listings (in
grown her business in the fashion industry.
Dec’24) across categories like Fashion, Home & Kitchen, Beauty & Personal Care,
and Kids & Baby Care are available at everyday low prices tailored to our Mansiha Farid, Founder, SNF Garments
consumer needs.
Bengaluru, Karnataka

As more users joined the platform, the increase in orders further enhanced
“I started selling on Meesho in September 2020 to support my family during the COVID-19
operational efficiencies for sellers through economies of scale. We also
pandemic. I began with leftover stock from my husband’s business, and within a month, I scaled
consciously avoid introduction of private labels and tiered seller structures,
up from 10 orders on my first day to 200-300 orders daily. During the festive season, I hit an
ensuring equal opportunities for businesses of all sizes on the platform.
incredible milestone of 2,000 orders in a single day. Over time, my business has grown, and I
now have an annual turnover of ₹8 crore. As a first-time online seller, I found doing business on
Meesho so easy and hassle-free, thanks to its simplified processes. Features like zero
commission and no hidden charges helped me keep my prices competitive while ensuring high
customer satisfaction.”

>400,000 ~110 Million First E-Commerce app to introduce

Annual Transacting Sellers Daily active product listings 0% Commission Model

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Revolutionizing E-commerce
Our tech-led approach simplifies online selling for even first-time digital businesses. Sellers can use
intuitive tools like cataloging features, an easy to use supplier dashboard to manage inventory and
payments, and advanced content-to-image capabilities that generate product visuals effortlessly.
3. Logistics with Valmo
These innovations, combined with our recommendation algorithms, enable sellers’ products to reach the
right customers, maximizing their sales potential. India's logistics sector has long been fragmented, with regional players serving limited geographies,
leading to inefficiencies and underutilized capacity. Recognizing this challenge, we leveraged our
At Meesho, we’re not just a marketplace—we’re a platform that empowers both large manufacturers and
e-commerce expertise to launch Valmo, an asset-light, technology-driven logistics platform
small enterprises to fully unlock the potential of online selling. By bridging the gap between the offline and
designed to provide reliable, cost-efficient solutions.
online worlds, we’re helping businesses across India grow by paving the way for a more inclusive
e-commerce future. By democratizing e-commerce logistics, Valmo is empowering small and medium-sized logistics

entrepreneurs to join the digital economy and integrating them into a decentralized network across

first-mile pickups, last-mile deliveries, and sorting centers. Valmo’s intelligent system calculates the

most efficient routes, optimizing for price, time, and distance to ensure seamless, affordable deliveries.

Vatsal is a seasoned entrepreneur with over two decades of cross-market experience

across India, Australia, Turkey, and China. His deep expertise in the FMCG space led to the
founding of Uniclan Healthcare in 2015, transforming consumer product experiences.
With over a decade of experience in logistics, Mohan is a Manager at Allcargo Logistics.
Vatsal Desai, Uniclan Healthcare, He currently leads a team of 280 in the Valmo unit at Allcargo BLS, ensuring smooth

Jaipur, Rajasthan and efficient operations.

Mohan Gowda, Manager, Allcargo Logistics,

“We started our journey in 2019 with a turnover of ₹13 crores, mainly focusing on general trade. Bengaluru, Karnataka
Moving into e-commerce came with its challenges, but the growth was incredible. After joining
Meesho in 2022, we scaled from fulfilling ₹2 lakh orders a month to ₹2 lakh per day—a “Since partnering with Valmo, I’ve seen significant improvements in our operations. With a team
transformation that changed our business. Since then, we’ve grown to ₹200 crores in annual of around 280 managing middle-mile operations, Valmo’s well-organized processes have
revenue. Meesho’s ad panel has played a big role in this, helping us optimize marketing spends helped us optimize workflows and boost efficiency. One of the highlights for me was the 12-day
and maximize ROI. With Meesho’s vast user base in Tier 2+ cities, we’re now able to serve more comprehensive training Valmo provided, which made sure my team was fully prepared to
families across India with high-quality baby diapers at the right price.” adopt the new systems. The ongoing support we’ve received post-training has been invaluable
in reinforcing the transition. Valmo’s reliable technology, even during peak seasons, has made
managing logistics much smoother, allowing Allcargo Logistics to scale efficiently and sustain
our success.”

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In just one year since its launch, Valmo has not only enhanced efficiency but also fostered local
Content Commerce:
entrepreneurship, created thousands of jobs, and supported sustainable growth within the logistics

sector. Serving ~15,000 pincodes through ~6,000 logistics partners and handling >50% of Meesho’s daily

orders, Valmo is revolutionizing India’s e-commerce logistics ecosystem. By leveraging advanced

4. The Future of Shopping
technology and promoting inclusivity, we are building a seamless, efficient, and affordable network
In the dynamic world of e-commerce, content commerce has emerged as a powerful channel,
that empowers local entrepreneurs and has already created ~85,000 jobs to date. (data as on Dec’24).
enabling creators to seamlessly blend storytelling with shopping. It has gained remarkable traction

across India, with major cities like Delhi, Bengaluru, Hyderabad, and Patna leading the charge. Even

in remote regions such as Bazpur in Uttarakhand, Kotputli in Rajasthan, and Pakyong in Sikkim,

~15,000 ~6,000 ~85,000 Meesho is successfully engaging both creators and consumers, showcasing the platform’s

Pincodes Logistics Partners Jobs created far-reaching impact.

Starting as a delivery associate in 2009, Mazid now owns a last-mile hub with Valmo, Hailing from Rath, a small town in Hamirpur, Raksha’s journey in content creation began
leading a team of 25 in East Delhi. With unwavering dedication, he has emerged as a when she got her first phone and internet connection. Today, she has built a strong
top performer—showing that ability is defined by effort, not limitations. digital presence with 8.68 million YouTube subscribers and 1 million Instagram followers.

Mazid Ali, Last-mile Hub Owner, Raksha Gupta, Content Creator

New Delhi Rath, Uttar Pradesh

“My professional journey began in 2009 as a delivery associate, navigating the streets on a cycle “I’ve been sharing my passion for cooking with over 8.68 million YouTube subscribers through my
to deliver packages. Fast forward to February 2023, I took a big step by setting up my own page Raksha Ki Rasoi for the past five years. Despite having such a large following, I faced
last-mile hub with Valmo. Despite facing unique challenges as a differently-abled individual, I’ve challenges in turning viewership into product sales. While other platforms typically generated just
worked hard to become a standout performer, consistently earning recognition for my dedication 10-20 orders per video, partnering with Meesho led to 600 orders from a single video. This
and commitment. Now based in East Delhi, I manage a team of 25 riders, ensuring everything remarkable sales growth has reinforced my belief in the power of authentic content and boosted
runs smoothly.” my confidence to explore new opportunities, further expanding my influence.”

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One of our newest initiatives, Content Commerce, has evolved into a dynamic three-way marketplace

by seamlessly connecting creators, sellers, and consumers. By unlocking economic opportunities for

creators across followership count, the platform empowers both emerging and established influencers

to thrive. At the same time, it boosts product discoverability for consumers and drives business growth

for sellers.

~17,000 ~107%
creators empowered growth in orders through content commerce

An IT professional from Chennai, Ramyaa started creating content out of curiosity.

What began as an experiment soon turned into a passion, leading to a successful
As a result, we’ve built a thriving content commerce ecosystem, empowering approximately ~17,000 journey in digital content creation.
national and regional creators (as of Dec‘24) to connect meaningfully with their audiences. The impact
Ramyaa Gopi, IT Professional & Content Creator
is undeniable—since launch, we have seen a remarkable ~107% growth in orders through content
Chennai
commerce (Jun - Dec’24), establishing Meesho as one of the largest players in the space.

To further enhance the experience, we adopted an creator-first approach and launched the Creator Club “My journey as a content creator started with my passion for showcasing innovative and practical

in 2024. This platform is designed to simplify their journey by providing actionable insights into followers' products that make everyday life easier. My first video review of a magic eraser went viral, with
over 1.2 million views, and that really helped establish me as a trusted voice in this space. With my
shopping habits, helping creators craft highly relevant affiliate content. It also addresses key challenges
authentic and relatable style, I’ve built a strong connection with my audience by reviewing
like trust, transparency, and efficiency by promoting direct collaboration and removing intermediaries.
household essentials that genuinely make a difference. Meesho Creator Club has been a
With features like faster payouts and streamlined support, Creator Club is designed to help influencers of game-changer for me, offering tools that simplify content creation and monetization. I credit the
all sizes thrive. program’s user-friendly features and supportive ecosystem for empowering me to stay authentic
while continuing to grow as a creator.”
By tapping into the potential of creator-driven commerce, Meesho is building an ecosystem where

creators and e-commerce evolve together, making online shopping more engaging, accessible, and

impactful for millions of users.

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Driving Sustainable Growth

With A Focus On Profitability
Operating Performance
Meesho solidified its position as India’s leading e-commerce platform by achieving remarkable milestones. With ~187 million unique Annual Transacting Users (ATUs),
approximately 13% of India has made a purchase through our platform. Total orders placed grew to ~1.3 billion as of Dec’24, reflecting the increasing frequency and diversity of
purchases, with more people turning to Meesho for a wide range of their daily needs. This trend has driven impressive growth across categories like Home & Kitchen, Beauty &
Personal Care, and Baby Essentials.

As a result, Meesho continued to be India’s most downloaded shopping app for four consecutive years, underscoring the platform’s growing appeal and reach. The steady
increase in order frequency, coupled with the growing number of first time online shoppers, highlights our ability in reaching India’s underserved markets. This not just
demonstrates our success in democratizing internet commerce for everyone, but also in bringing more users into India’s digital economy.

Order growth ATU Growth & LTM Frequency

ATU (Mn)
Orders placed (Mn) CAGR:22%

YoY:31%
YoY:34%
187
YoY:68% 156 9.0
1,342

136 8.6
1,024 1,333

992 7.5
110
610
5.5

FY22 FY23 FY24 LTM Dec’24

FY22 FY23 FY24 Apr-Dec’23 Apr-Dec’24

Annual Transacting Users LTM Frequency *LTM - Last Twelve Months

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Financial Performance
We became the first horizontal Indian e-commerce company to achieve profitability in FY24 and the first to generate positive free cash flow of INR 197 crores for the full year. Our Revenue
from Operations grew by 33% to INR 7,615 crores driven by an increase in our unique Annual Transacting Users as well as higher order frequency of our existing loyal customers.

This success stems from driving efficiencies across multiple areas like logistics, as well as leveraging Generative AI and Machine Learning for better discovery, improved in-app
experience and round-the-clock customer support. Our Selling, General, and Administrative (SG&A) expenses as a percentage of Revenue from Operations declined sharply,
driven by strong consumer awareness and organic traction, alongside the significant operating leverage that comes with a marketplace e-commerce model. Consequently,
our adjusted losses have narrowed by 97% from INR 1,569 crores to just INR 53 crores, excluding Employee Share Based Compensation expense.

Revenue from Operations PAT-excluding ESOPs Cost Free Cash Flow

Revenue from Operations PAT (Excl ESOPs) (INR Cr) FCF (INR Cr)
(INR Cr)

CAGR:53%
-53
197
7,615 -1,569

5,735
-2,145
3,232 -3,051 -2,341

FY22 FY23 FY24 FY22 FY23 FY24 FY22 FY23 FY24

*As the financial metrics for April-December 2024 are unaudited, they are not included in this report.

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Key drivers of growth

Unlocking e-commerce Catering to diverse Enhancing Product Discovery with
for Indian consumers user needs AI-Powered Personalization Models

The shift in consumer behavior is noteworthy on Meesho’s category mix has significantly diversified, closely We have significantly enhanced the user experience through
Meesho. They are not just buying multiple items within reflecting the evolving consumption trends across India. advanced AI-powered personalization tools that analyze factors such
the same category, but are also turning to the platform Fashion apparel, fashion non-apparel, home & kitchen, kids & as category preferences, demographics, and time spent on our
for a diverse range of their daily needs. As a result, baby care, and beauty & personal care now collectively platform. This enables us to deliver a tailored shopping experience,
Home & Kitchen, Beauty & Personal Care, and Kids & account for over 90% of our sales, highlighting our focus on presenting each user with a unique homepage and highly relevant
Baby Care emerged as the fastest-growing categories. meeting a wide range of consumer needs. Our platform product recommendations, which go beyond their initial search to
Moreover, the order frequency per user continues to currently features over 110 million daily active listings offering an uncover new items that meet their broader needs. As a result, users
grow at a healthy pace, highlighting our consumers’ extensive product selection that ensures consumers spend more time on the platform, leading to higher engagement, with
loyalty and their willingness to choose Meesho for all transitioning from offline to online shopping continue to find the Meesho continuing to be the most engaged shopping app in India in
their shopping needs. variety, accessibility, and value they are accustomed to in the terms of average time spent per user, according to Sensor Tower.
offline world. (data as on Dec’24)

Home & Kitchen, Beauty & Personal ~110 Million Most engaged shopping
Care, and Kids & Baby Care Daily active listings
app in India
Fastest-growing categories

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Key drivers of growth

Driving Operational Improving Product Quality Through
Efficiencies Customer Feedback

By optimizing our logistics processes, we have significantly reduced shipping expenses and We have prioritized product quality by closely analyzing customer reviews, ratings, and feedback, while
improved delivery efficiency, allowing us to pass savings on to our users. The launch of Valmo also monitoring any reported issues related to product quality and functionality. Over the past year,
has further expanded the logistics ecosystem by empowering small and regional logistics customer engagement has surged, with ~87% of frequent shoppers now contributing ratings and ~43%
partners, which has helped optimize forward shipping costs significantly. At Meesho, leaving detailed reviews. This reflects the growing trust customers place in Meesho. Our enhanced
Generative AI is revolutionizing supply chain operations by analyzing images to detect risks, system provides a comprehensive overview of product quality, summarizing key feedback through
reducing errors, and streamlining processes for sellers and customers. Secure packaging specific keywords and metrics that highlight user satisfaction. Review summaries are updated in
solutions with barcoded tracking ensure better visibility, reducing discrepancies and fostering real-time, enabling a more informed and seamless shopping experience. Customers have contributed
trust. Seller-friendly reimbursement policies and proactive measures against fraudulent to an impressive ~346 million ratings, ~112 million reviews, and ~18 million pieces of user-generated
claims promote fairness, easing financial burdens and protecting genuine sellers. content such as images and videos, further enriching the decision-making process for others. This data
feeds into our personalization engine, optimizing quality to meet user needs. This approach not only
We’ve also seen a remarkable increase in prepaid transactions compared to last year,
enhances the overall shopping experience for our customers but also encourages sellers to uphold
contributing to lower return-to-origin (RTO) rates and decreased costs associated with
exceptional quality standards.
cash-on-delivery (CoD) orders.
*Data from Jan-Dec’24

Lower Shipping Costs ~346 Million ~112 Million ~18 Million

Optimized logistics & Valmo expansion Ratings Reviews User-generated content

16
 Annual Report | 2023-2024

*Definitions of Key Metrics

Order Listings
Count of unique products sold in a transaction regardless of quantity, excluding transactions Average of daily active listings for a particular period. Active listings are unique products which are
which are flagged as potential fraudulent orders by our Trust and Safety System and available for browsing, searching, or purchasing for our users. This excludes products added by
transactions where prepaid payment has failed. The number of orders serves as a crucial deactivated sellers and products not meeting platform guardrails such as products with low ratings.
metric for Meesho, providing valuable insights into the platform's overall business growth and It showcases the variety and diversity of products offered by sellers, reflecting the platform’s ability to
performance. It acts as a key indicator of our scale, growth, and the effectiveness of business onboard sellers and expand its product range.
strategies, enabling Meesho to track its progress and make informed decisions to scale
operations effectively.
Contribution Margin
Contribution Margin represents revenue generated by Meesho less all variable costs including but
Annual Transacting Users (ATU)
not limited to fulfilment, payment gateway charges, cash handling charges, customer and seller
The number of unique users who successfully place at least one order on the Meesho platform support and communication charges. It underlines our unit economics and sustainability of our
in the last twelve months. Users are identified by their registered mobile phone number. This growth.
metric reflects the number of users who have been successfully served by Meesho,
highlighting the platform's ability to cater to the needs of its customers across different age
groups, income levels, genders, and regions, each with unique shopping preferences. FCF
Free v represents cashflow from operating activities as defined in IND AS 7, Statement of Cashflows,
First-Time Online Shoppers less purchase of property, plant and equipment, intangible assets and intangible assets under
development (including capital creditors). It is a crucial metric on which we optimize our operations
First-time online shoppers are defined as individuals who, at the time of installing Meesho, did
and is the true indicator of the financial health of our highly capital efficient business model.
not have other prominent e-commerce apps installed.

Last Twelve Months (LTM) Frequency

Frequent Shoppers
Average number of successful orders placed by Annual Transacting Users over the last twelve
months (LTM). It provides insights into customer purchasing behavior by indicating how Frequent shoppers are users who have had more than 13 orders delivered, indicating strong

frequently users transact within a one-year period. This metric is crucial for understanding engagement and repeat purchase behavior on the platform.

retention trends and trust.

17
 Annual Report | 2023-2024

What Powers Meesho:

Technology, Values, Leadership & Compliance

18
 Annual Report | 2023-2024

Building E-Commerce For A Billion Indians

Back in 2015, when Vidit and I first began envisioning Meesho, we
were driven by a simple yet powerful realization: India’s ~60 million
small and medium businesses (SMBs), despite contributing ~85%
to the country’s retail market, were confined to their local Today, Meesho stands as a
geographies and unable to dream bigger. They not just lacked testament to the realization
tools and platforms for growth, e-commerce at the time mainly
of this mission. Nearly 187
catered to large brands, leaving SMBs unable to compete on a level
playing field. We saw an opportunity to rewrite this narrative.
million unique Annual
Transacting Users from across
The challenges, however, extended far beyond just Indian
businesses — consumers outside metro and Tier-1 cities faced
the country rely on the platform,
barriers like poor internet connectivity, low smartphone confident in its seamless app
penetration, price sensitivity , and a lack of trust in online shopping, experience, exceptional value,
making e-commerce adoption even more challenging. It became
and commitment to security
clear that technology wasn’t just part of the solution; it was the
solution. To bridge these gaps and bring both Indian businesses
and trust.
and consumers into the e-commerce fold, we knew we had to build
a platform that was as inclusive and resilient as the people we were
building it for. Meesho was born with the mission to democratize
internet commerce for everyone, empowering millions of Indian AI-powered cataloging, effective pricing recommendations, fast
businesses and consumers with the tools and access they needed onboarding and an intuitive ad platform, enabling them to focus on
to thrive in a rapidly digitizing India. curating quality, affordable products .

Today, Meesho stands as a testament to the realization of this At the same time, our proprietary software powering Valmo’s
mission. Nearly 187 million unique Annual Transacting Users from Disaggregated Supply Chain Platform empowers ~6,000 partners and
across the country rely on the platform, confident in its seamless thousands of delivery executives by seamlessly connecting logistics players
app experience, exceptional value, and commitment to security through standardized APIs, optimizing operations, and unlocking economic
and trust. Additionally, our technology has successfully eliminated opportunities for small and large players alike. By removing traditional
barriers to entry for both sellers and Valmo partners. By prioritizing constraints associated with e-commerce, we’re enabling businesses to
ease of doing business, sellers are empowered with features like scale effortlessly and drive India’s digital commerce revolution.

19
 Annual Report | 2023-2024

Our cutting-edge technology operates at an unprecedented scale, The Meesho ML Platform powers real-time personalization,
making Meesho the only Indian e-commerce platform managing
At Meesho, we firmly believe fraud detection, geo-encoding, competitive pricing, and
such massive complexity. The backend system seamlessly automation, all at an unprecedented scale. This ensures an
manages over 500,000 user requests per second at peak. that technology is the only way optimal balance between efficiency and scalability to meet the
Similarly, our ML platform processes an impressive ~67 trillion to solve for a billion Indians, and diverse needs of 'Bharat.'
features and >3 trillion inferences per day. This immense capability
this philosophy is at the core of Cost efficiency is central to our engineering philosophy. From Dec‘21
empowers us to deliver an experience that is not only intuitive, but
also highly personalized enabling us to cater to a diverse user base
our engineering systems. - Dec’24, we’ve achieved a c.60% reduction in Server Cost Per Order
(CPO), ensuring that our server costs are best-in-class despite rapid
where ~36% are first-time online shoppers.
growth in the business and continuous innovation. This has been
By deeply understanding and addressing the unique needs of our made possible by embedding cost-efficiency principles into every
sellers, consumers and e-commerce logistics partners, we have At Meesho, we firmly believe that technology is the only way to architectural and technological decision and building a culture that
successfully built India’s most inclusive e-commerce platform. solve for a billion Indians, and this philosophy is at the core of our encourages every developer to think about building efficient
engineering systems. Our commitment to inclusivity ensures that systems at scale.
At the heart of this success are three foundational pillars of tech: we maintain the lightest e-commerce app, optimized for low-end
devices, and seamless performance even in areas with limited Additionally, aligned with our asset-light philosophy, we

internet connectivity. Through targeted interventions such as designed Valmo, a disaggregated logistics network that enables

Powering Growth advanced caching techniques, QUIC protocol, and efficient image entrepreneurs to join the supply chain anywhere from first mile to

with Advanced Engineering formats, we ensure seamless experience across low-network areas last mile. This heterogenous network, supported by a fault-tolerant

and on devices with limited processing capabilities. software layer, ensures high reliability, strong delivery
performance, and low shipping costs.
On the infrastructure front, we’ve designed platforms with
unparalleled flexibility and adaptability. Our platforms are
purpose-built to address India’s unique challenges of cost, scale, Cost efficiency is
and latency, serving as the backbone of our ability to innovate and
deliver solutions to over a billion Indians. By decoupling our
central to our engineering
codebase from infrastructure components—such as caches, philosophy. Since 2021, we’ve
queues, and databases—we’ve developed modular frameworks achieved a c.60% reduction in
that enable seamless transitions between technologies. This
Server Cost Per Order (CPO).
approach allows us to adopt the most efficient solutions for
specific use cases without altering the codebase, ensuring
cost-effectiveness, reliability, and performance at scale.

20
 Annual Report | 2023-2024

operates in real-time and integrates at key supply chain

touchpoints. Leveraging multimodal Generative AI models and
With over 187 million unique
advanced architectures like Graph Neural Networks and
Transformers, the system performs stringent quality checks on
Annual Transacting Users
(as on Dec’24), our goal is to
AI-Driven Innovation shipment images and videos, predicts Return to Origin (RTO), and
identifies fraudulent activities, enabling proactive interventions make Meesho a household
AI drives our efforts of delivering seamless, intuitive, and innovative
and reinforcing trust through clear accountability.
name while continuing to
shopping experiences. It empowers us to push technological Together, these innovations reflect our commitment to push the boundaries of
boundaries, creating solutions that meet diverse user needs while leveraging AI as a transformative force in delivering unparalleled
engineering excellence.
prioritizing accessibility and inclusivity for everyone. At the heart of e-commerce experiences for every Indian.
our AI initiatives is real-time personalization, powered by a robust
ranking system that curates a unique experience for all users.
Driving Impact
As we look to the future, our vision for technology at Meesho
Every element of the app, from notifications to homepage widgets remains bold and purpose-driven. With over 187 million unique
and infinite product feeds, is designed to align with individual user Through a Annual Transacting Users (as on Dec’24), our goal is to make
preferences, ensuring relevance and engagement. Our
Shared Vision Meesho a household name while continuing to push the
boundaries of engineering excellence. AI will be a key driver in
personalized search capabilities leverage Large Language Models
reimagining the shopping experience, making e-commerce
(LLMs) to decode nuanced vernacular expressions, correct errors,
more intuitive, accessible, and tailored to each users’ needs. By
and rewrite queries, enabling precise search results even in the Our engineering culture thrives on principles of innovation,
scaling our GenAI capabilities, we aim to tackle ten times as
presence of linguistic diversity and misspellings. accountability, and impact. Engineers are deeply aligned with many challenges simultaneously, unlocking unparalleled
business metrics, seamlessly integrating technical expertise with efficiency and fostering innovation at a scale that will define the
AI also powers GenAI-driven customer support, delivering
our mission to democratize internet commerce for everyone. This next chapter of our journey.
seamless assistance in six Indian languages. Our GenAI chatbot
sense of ownership fosters thoughtful decision-making, ensuring
resolves ~90% of user queries at one-fifth the cost, achieving We are on an exciting path of growth and innovation, with a
every action maximizes user and business outcomes. With a
higher Customer Effort Score (CES) and Customer Satisfaction steadfast commitment to shaping a tech organization that sets
strong commitment to data-driven insights, teams prioritize
(CSAT) compared to human agents, while voice bots offer new benchmarks globally. Together, we will continue to drive
effectively and make informed choices that consistently deliver
human-like interactions with exceptional cost and latency excellence, empower businesses, and redefine e-commerce for a
maximum value.
efficiency. On the logistics front, our GeoIndia model tackles the billion Indians and beyond.
complexity of unstructured Indian addresses by converting them We have also cultivated a strong culture of experimentation,
into precise geolocations, outperforming industry benchmarks in empowering engineers to test, iterate, and learn quickly,
rural and information-scarce regions. To ensure platform integrity enabling us to solve complex problems and push boundaries.
in a decentralized marketplace with a disaggregated supply With a relentless focus on speed, we remain agile, deploying Sanjeev Kumar Barnwal
chain, we’ve pioneered an AI-first fraud detection system that features at scale with urgency and uncompromising quality in a Founder & Chief Technology Officer, Meesho
dynamic market.

21
 Annual Report | 2023-2024

Culture & Values

At Meesho, culture isn’t just a concept—it’s the foundation of engages directly with users to gather feedback and understand responsibility. Through our Growth Mindset, we encourage
how we work, innovate, and solve for the next billion users. their challenges, reinforcing our commitment to keeping users constant learning and improvement, fostering a dynamic
Rooted in our 9 Meesho Mantras, our values guide every at the heart of everything we do. environment where innovation thrives.
decision, fostering a workplace that thrives on collaboration, These values are more than just words—they are the driving
Similarly, Think 10X, Take Risks encourages bold experimentation
inclusivity, and bold ambition. These principles ensure that we force behind our mission to democratize internet commerce
and calculated risk-taking, empowering 10x innovation and
don’t just aim for individual success but work collectively for everyone. Together, they create a culture where ideas
driving revolutionary change rather than incremental progress,
towards achieving our mission of democratizing internet flourish, challenges are met with creative solutions, and every
which has been key to our exponential growth.
commerce for everyone. team member feels empowered to contribute to building the
future of Indian e-commerce.
Our culture also emphasizes ownership, teamwork, and
Among our core values, User First stands as a cornerstone,
inclusivity. Company > Team > Individual ensures that collective
driving us to obsess over user needs and insights. Through
goals always come first, reinforcing a shared sense of
initiatives like the ‘Listen or Die’ program, every employee

22
 Annual Report | 2023-2024

From Inclusive Growth to

Transparent Governance:

Meesho’s ESG At Meesho, sustainability is more than just a priority—it is embedded in our core business
strategy. By integrating Environment, Social, and Governance (ESG) principles into our

Strategy
practices, we are creating a purpose-driven, future-ready organization that fosters value
creation for our stakeholders, enhances reputation, and builds ecosystem goodwill.

23
 Annual Report | 2023-2024

Environment Social Governance

At Meesho, we are committed to building a Meesho empowers millions of Indian businesses and Strong governance at Meesho is built on transparency, accountability, and
sustainable business by ensuring that we have a long entrepreneurs, particularly in tier 3 and 4 cities, through a ethical leadership. Our policies, including the Code of Conduct, Anti-Bribery
term vision that keeps up with shifting paradigms. For zero-commission model and accessible technology. We Policy, and Whistle-Blower Policy, ensure integrity across operations. We
example, energy efficiency and waste management actively foster diversity and inclusion with programs like have robust mechanisms for data privacy and cybersecurity to protect user
principles are incorporated into the day to day Fempower and a 30-week gender-neutral parental leave and employee information. During the reporting period, we audited over
operations at our place of work and we look to extend policy. Our partnerships with government bodies and SHGs 1,600 sellers and partners to uphold compliance and ethical standards,
that to other aspects of the business over time. Over have brought thousands of rural women entrepreneurs online, while fostering a culture of fairness and trust. Meesho’s commitment to
the next decade, we aim to transition to sustainable providing training and market access. Through initiatives like governance aligns with its vision of responsible and sustainable business
packaging materials and eliminate single-use MeeCare, we ensure employee well-being by addressing practices.
plastics. Additionally, we plan to do deliveries via physical, mental, and financial health. By investing in
We prioritize creating an inclusive and supportive workplace, exemplified by
EV-based logistics partners, further supporting communities and people, Meesho drives economic inclusion
initiatives like regular POSH (Prevention of Sexual Harassment) training to
sustainability in our supply chain. These measures and social impact at scale.
ensure ‘a safe and respectful environment for all employees. Our
reflect our dedication to promoting environmental
progressive leave policies reflect our commitment to employee well-being
stewardship and sustainable growth and are small
and inclusivity. We offer 30 weeks of fully paid parental leave for primary
steps in that direction.
caregivers, applicable across all genders and caregiving scenarios, with
additional support during the transition back to work. Additionally, we
provide leaves for wellness, weddings, gender transition, pet adoption, and
study needs, ensuring our employees feel supported through every
personal and professional milestone.

24
 Annual Report | 2023-2024

Corporate Governance

The Company is committed to achieving and adhering to the highest standard of Corporate Governance. It believes in and practices
good corporate governance. Our corporate governance philosophy is rooted in our core values and principles, ensuring trust and
transparency at all levels.

Your Company is conscious of the fact that the success of a corporation is a reflection of the professionalism, conduct and ethical values
of its management and employees. By regularly reviewing and updating our governance practices, we stayed aligned with the latest
regulatory requirements and best practices. Additionally, we have adopted various Codes and Policies to uphold the highest standards
of corporate governance. The Company maintains transparency and also enhances corporate accountability. Endeavours have been
made to follow the best practices in all the functional areas in discharging responsibilities towards the community, the government and
all other concerns dealt with by the Company.

25
 Annual Report | 2023-2024

Business ethics & values

Code of Conduct Compliance & Ethics Privacy & Data Security
Our Code of Business Conduct defines who we are and We have developed and enforced various policies and codes The Company's technology infrastructure plays a big role in its operations.
what is important to us. More importantly, the code under prevailing laws, with a commitment to stringent We place a high priority on safeguarding customer data privacy and
builds upon our shared values and sets out the corporate governance and zero tolerance towards security, focusing on managing risks associated with all the information
standard of ethical conduct and behaviour expected non-compliance. Integrity and credibility in our acts, fairness security domains including Asset management, infra network security,
of each employee working in the organisation. The and impartiality in our dealings with others, trust and respect and HR and physical security data collection, storage and protection. To
Code provides guidance to us to make ethical for people and demanding excellence are the essence of our implement, maintain and sustain an effective information security
decisions at work and the means to navigate through flawless operation. strategy the Organization has defined the Threat and Vulnerability
situations we face every day. Our actions are management procedure to outline a process to establish controls and
governed by our values and principles, which are processes to help identify threats & vulnerabilities within information
reinforced at all levels of the organisation. These systems which could be exploited by attackers to gain unauthorized
principles have been and will continue to be our access, disrupt business operations, and steal or leak sensitive data.
guiding force in future. Further, our efforts also include setting up a framework around the
Third-Party Risk Management, developing procedure to ensure robust
We expect all employees, board members, officers as
organizational structure exist to deal with business disruptions and Privacy
well as our partners, suppliers, external stakeholders,
Policy has also been designed to protect the information which the
temporary service workers, third parties, interns and
Company collects through its Services, in email, text and other electronic
independent contractors to know, understand, apply
communications sent through or in connection with its Services. Regular
and follow the code.
training sessions for employees reinforce best practices and ensure the
policies are implemented at organizational level.

26
 Annual Report | 2023-2024

Trust & Safety:

Technology, Values, Leadership & Compliance
Meesho is committed to ensuring trust and safety for our users through initiatives like Project Vishwas and Project Suraksha, we have

developed robust mechanisms to protect customers and sellers, ensuring a secure and transparent shopping environment.

Combating Fraud & Counterfeits Building User Trust

• Under Project Vishwas (launched in 2023), Meesho prevented over 22 million • With technological innovation, strategic collaborations, and strong compliance

fraudulent transactions in the past year by leveraging cutting-edge technology measures, Meesho has solidified its reputation as a trustworthy platform. From

and advanced data science frameworks. safeguarding intellectual property to educating users about online safety,

Meesho continues to prioritize security and transparency.

• The project successfully blocked 7.7 million scam attempts and deactivated 1.3

million bot orders, reflecting Meesho’s proactive stance against fraud.

• Project Suraksha (introduced in 2022), focused on counterfeit prevention, led to

By proactively addressing fraud and counterfeiting, Meesho remains committed to
the removal of 4.2 million counterfeit product listings and 1 million restricted
creating a safe and reliable e-commerce experience for its users, earning trust
products in just six months.
across the ecosystem.
• An AI-powered detection system and a dedicated Suraksha List of high-risk

brands ensure only legitimate sellers operate on the platform, reducing

non-compliant listings by 80%.

More information about our Trust and Safety initiatives are available in the following

reports.

Collaborations & Legal Actions

• Meesho collaborates closely with law enforcement, filing FIRs and taking action

against fraudulent activities such as lottery scams and account takeover fraud.

Notably, investigations have led to FIRs and arrests, with a higher success rate in

tackling account takeover fraud.

• Meesho has also worked with threat intelligence platforms to take down fraudulent 2023
social media accounts and fake websites, protecting users from scams.

27
Directors’ Report
iii. the Company has not reclassified or sub-divided the Vidit Aatrey and Sanjeev Kumar, the Whole-Time
authorized share capital. Directors of the Company, are regarded as the Key
Managerial Personnel of the Company. Further, the
iv. the Company has not reduced the share capital. Company is not required to appoint KMPs under
To Section 203 of the Act.
v. the Company has not bought any shares.
The Members,
FASHNEAR TECHNOLOGIES PRIVATE LIMITED vi. the Company has not changed its capital structure Board of Directors, Meetings, and its
resulting from any restructuring. Committees
The Board of Directors (“Board”) hereby submits the report of the business and operations of Fashnear Technologies
Private Limited (“the Company”) together with the audited financial statements for the financial year ended March 31, vii. the Company has not issued any equity shares i. Composition of the Board
2024, in accordance with provisions of section 134(3) of the Companies Act, 2013 (“the Act”). with differential voting rights, sweat equity shares, The Board is constituted as per the provisions of
convertible securities debenture, bonds, warrants. the Companies Act, 2013 read with the Articles of
Financial Highlights Association of the Company. As on March 31, 2024,
Subsequent to the financial year ended March 31,
the total strength of the Board was 2 (Two) Directors.
The summarized financial performance of the Company for the financial year ended March 31, 2024, and March 31, 2023, 2024, the Company has issued and allotted 60,00,357
are given below: equity shares of the face value of INR 1 (Indian Rupee The Board on March 31, 2024, comprises of the
One) each to the existing equity shareholder of the following Directors:
INR in millions
Company. The shares were issued pursuant to the
Consolidated Standalone
Particulars provisions of section 62(1)(a) of the Act and rules
FY 2024 FY 2023 FY 2024 FY 2023 Sr.
made there under. Details of the shares issued is Name of Director Designation
Revenue from operations 76,149 57,345 76,149 57,345 No.
mentioned below:
Other Income 2,302 1,548 2,302 1,548 1 Mr. Vidit Aatrey Whole-time Director
Total Income 78,451 58,893 78,451 58,893 2 Mr. Sanjeev Kumar Whole-time Director
Number Face value
Total Expenses 81,501 75,643 81,501 75,643 Date of Type of
of shares of the
(Loss) before tax (3,049) (16,750) (3,049) (16,750) Allotment Issue
issued shares ii. Meetings of the Board held during the year
Other comprehensive (loss) / income (4) (10) (4) (10)
Total comprehensive (loss) for the year (3,053) (16,760) (3,053) (16,760) 25.04.2024 Right 60,00,357 INR 1 per The Board met 8 (Eight) times during the financial
Issue share year 2023-24 on following dates:
During the year under review, revenue from operations Particulars of Loans, Guarantees or
20.04.2023, 25.07.2023, 20.10.2023, 27.10.2023,
witnessed a growth of 33% and total expenditure has Investments
Changes in Subsidiaries, Joint Ventures and 28.12.2023, 06.03.2024, 28.03.2024, 30.03.2024
increased by 8% as compared to the previous year.
Loans, guarantees and investments covered under
Associates The details of Board meetings attended by
Section 186 of the Companies Act, 2013 (“the Act”),
Transfer to reserves forms part of Note No. 6 & 13 respectively to the financial During the period under review, the Company has Directors are as under:
statements of the Company. During the period under incorporated 2 (Two) wholly owned subsidiaries i.e.
The Board does not propose to carry any amount
review, the Company has incorporated 2 (Two) wholly Meesho Technologies Private Limited and Meesho Board Meetings
to reserves due to the accumulated losses incurred
owned subsidiaries i.e. Meesho Technologies Private Grocery Private Limited. However, the investment in the Sr. Held
by the Company. Name of Director
Limited and Meesho Grocery Private Limited. However, said subsidiaries were made subsequent to the year No. during the Attended
the investment in the said subsidiaries were made ended March 31, 2024 i.e. in the current year. tenure
Dividend subsequent to the year ended March 31, 2024 i.e. in 1 Mr. Vidit Aatrey 8 8
The Company did not have any Joint Venture or Associate
The Director has not recommended any dividend for the the current year. 2 Mr. Sanjeev Kumar 8 8
Company during the year under review.
year under review.
Public Deposits The Salient features of the financial statement of the
iii. Corporate Social Responsibility (“CSR”)
Statement of Company’s affairs and future Subsidiary in Form AOC-1 has been annexed as Annexure I
During the year under review, the Company has neither Committee
outlook to the Directors’ Report.
accepted nor renewed any deposits in terms of Chapter The CSR Committee of the Company has been
The Company has taken necessary and further steps V of the Act and Rules framed thereunder. duly constituted in accordance with the provisions
to strengthen its competitive advantages, explore more Web Address where Annual Return is placed
of the Act. The Company has in place CSR Policy
opportunities, and enhance its presence in emerging Changes in Share Capital Structure The copy of Annual return in prescribed Form MGT-7 has which outlines the Company’s philosophy and
markets within India and thus securing future growth been hosted on the Company’s website and the link of responsibility and lays down the guidelines and
momentum by aggressively working towards setting up During the financial year ended March 31, 2024:
the same is https://www.meesho.com. mechanism for undertaking socially impactful
customer base and catering to them. The Board assures programs towards welfare and sustainable
i. the Company has not altered the authorized share
on improving the performance of the Company and development of the community around the area of
capital of the Company and the authorized share Directors and Key Managerial Personnel
achieving desired results in the coming years. its operations. The Policy is disclosed on the website
capital of the Company as at March 31, 2024 is INR
i. Appointments and resignations of Directors of the Company at https://www.meesho.com/legal/
10,00,00,000 (Indian Rupees Ten Crore) divided
during the year
Change in the nature of business into 10,00,00,000 Equity Shares of INR 1 (Indian csr-policy?embed=true.
Rupee One) each. During the year under review, there were no
There is no change in nature of business of the Company Further, the details pertaining to the composition,
appointments or resignations.
for the year under review. ii. the Company has not issued and allotted any shares. terms of reference, the meetings held during the
ii. Key Managerial Personnel of the Company financial year under review and other details as
during the year

43 28
 required under the Act are annexed to this report safeguarding the assets of the Company and for Disclosure under the Sexual Harassment of Workplace (Prevention, Prohibition and Redressal) Act, 2013.
as Annexure III. preventing and detecting fraud and other irregularities; Women at Workplace (Prevention, Prohibition For the period under review, the IC received NIL complaints.
and Redressal) Act, 2013
d) the Directors had prepared the annual accounts on Vigil Mechanism
Policy on Directors’ appointment and a going concern basis; Your Company has always believed in providing a safe and
The Company has adopted the whistleblower mechanism
remuneration harassment free workplace for every individual working in
for directors and employees to report genuine concerns
e) the Directors had laid down internal financial its premises through various interventions and practices.
Your Company does not fall within the criteria mentioned to the management viz. instances of unethical behaviors,
controls to be followed by the Company and that The Company always endeavors to create and provide
under Section 178(1) of the Act for applicability of the actual or suspected fraud or violation of the Company’s
such internal financial controls are adequate and an environment that is free from discrimination and
provisions pertaining to directors’ Nomination and code of conduct and ethics. The Company has also
were operating effectively. harassment including sexual harassment. The Company
Remuneration. Hence, your Company is not required to formulated a Whistle Blower Policy (“Policy”) which
constitute a Nomination and Remuneration Committee has in place a robust policy on prevention of sexual
f) the Directors had devised proper systems to ensure provides adequate safeguards against victimization of
and to comply with other provisions of Section 178 of the harassment at workplace. The policy aims at prevention
compliance with the provisions of all applicable employees and directors.
Act, read with rules made thereunder. of harassment of employees as well as contractors and
laws and that such systems were adequate and lays down the guidelines for identification, reporting and
operating effectively.
Particulars of Employees
prevention of sexual harassment. There is an Internal
Board Evaluation Committee (IC) which is responsible for redressal of all The Company, being a private limited Company is not
required to disclose information pursuant to Section 197 of
The provisions of section 134(3)(p) of the Act read with Auditors: the complaints related to sexual harassment and follows
the guidelines provided in the policy. the Act read with Rule 5 of The Companies (Appointment
Rule 8(4) of the Companies (Accounts) Rules, 2014 for (a) Statutory Auditor and Remuneration of Managerial Personnel) Rules, 2014 in
having formal self-annual evaluation by the Board
The shareholders of the Company had appointed The Company has also constituted Internal Committee respect of employees of the Company.
are not applicable to the Company. Consequently,
M/s S.R. Batliboi & Associates LLP, Chartered as required under the Sexual Harassment of Women at
the requirement under the stated section with respect
to furnishing a statement indicating manner in which Accountants having firm registration no. 101049W/ Employee Stock Option Plan:
formal evaluation has been made by the Board of its E300004 as the statutory auditors of the Company
The ESOP scheme allows issue of options to employees
own performance and individual Directors do not apply for a term of five consecutive years to hold office
of the Company. Each option comprises one underlying
to the Company. from the conclusion of 8th Annual General Meeting
equity share. The options would be exercisable at the
until the conclusion of 13th Annual General Meeting
exercise price given in the grant letter. In terms of Rule
of the Company. M/s S.R. Batliboi & Associates LLP,
Declaration of Independent Directors 12 (9) of the Companies (Share Capital and Debentures)
Chartered Accountants continues to be Statutory
Rules, 2014 the following details of the Employees Stock
The provisions of Section 149 of the Act pertaining to the Auditor of the Company.
Option Scheme have been provided:
appointment of Independent Directors are not applicable
to the Company. Auditor’s Report on the Financial Statement
for the financial year ended March 31, 2024
forms part of this report. The Auditor’s Report is
Particulars of contracts or arrangements self-explanatory and does not contain any Options outstanding March 31, 2024
made with related parties qualification or reservations or adverse remark or
a. Options granted 42,17,999
The contracts or arrangements made with related report of fraud.
b. Options vested NIL
parties are reported in Form AOC-2 which is hereby c. Options exercised NIL
(b) Cost Auditor
marked and attached as Annexure III and you may also d. The total number of shares arising as a result of exercise of option NIL
refer to related party transactions in note no. 29 of the The provisions of section 148 of the Act read with Rule e. Options lapsed NIL
financial statements. 3 of the Companies (Cost Records and Audit) Rules, f. the exercise price INR 1 per option
2014 do not apply to the Company. Accordingly, the g. variation of terms of option No Variation
Company has not appointed a Cost Auditor. h. money realized by exercise of option NIL
Director’s responsibility statement
i. total number of options in force 42,17,999
In accordance with the provisions of section 134(3)(c) and (c) Secretarial Auditor j. employee wise details of options granted to:
134(5) of the Act, with respect to Directors’ Responsibility The provisions of section 204 of the Act read i. key managerial personnel Vidit Aatrey – 20,65,211
Statement, it is hereby confirmed that: with Rule 9 of the Companies (Appointment and Sanjeev Kumar – 6,59,323
Remuneration of Managerial Personnel) Rules, 2014 ii. any other employee who receives a grant of options in any one year of option NIL
a) in the preparation of the annual accounts, the
do not apply to the Company. Accordingly, the amounting to five percent or more of options granted during the year
applicable accounting standards had been
Company has not appointed a Secretarial Auditor. iii. identified employees who were granted options, during any one year, equal to Vidit Aatrey – 20,65,211
followed along with proper explanation relating to
or exceeding one percent of the issued capital (excluding outstanding warrants
material departures;
and conversions) of the Company at the time of grant
Internal Financial Control and Adequacy
b) the Directors had selected such accounting policies
The Board has adopted policies and procedures for Conservation of Energy, Technology Absorption assures that the computers and all other equipment
and applied them consistently and made judgments
ensuring the orderly and efficient conduct of its business, and Foreign Exchange Outgo purchased by the Company strictly adhere to
and estimates that are reasonable and prudent so
including adherence to the Company’s policies, the environmental standards, and they make optimum
as to give a true and fair view of the state of affairs A. Conservation of Energy
safeguarding of its assets, the prevention and detection utilization of energy.
of the Company at the end of the financial year and
of frauds and errors, the accuracy and completeness of Your Company continues to strengthen its energy
of the loss of the Company for that period;
the accounting records, and the timely preparation of conservation efforts. Your Company is always Your Company has also put in place the continuous
c) the Directors had taken proper and sufficient care for reliable financial information, as required under the Act. on the lookout for energy efficient measures process of identifying and replacing in a phased
the maintenance of adequate accounting records for operation and value conservation of energy manner, the machinery used like computers, air
in accordance with the provisions of the Act for through usage of latest technologies for quality conditioners, UPS etc., which are low in efficiency.
of services. Your Company is making the best
possible efforts for conservation of energy, which

45 29
B. Technology Absorption The Company has filed the scheme with the regulatory Details of difference between valuation other national, government and regulatory agencies and
authorities and is awaiting the necessary approvals. amount on one time settlement and valuation to convey their appreciation to the members, customers,
i. The efforts made towards technology absorption; bankers, lenders, vendors and all other business
while availing loan from banks and financial associates for the continuous support given by them to
ii. The benefits derived like product improvement, Corporate Social Responsibility institutions the Company. The Directors also place on record their
cost reduction, product development or deep sense of appreciation for all the employees of the
The Company has constituted a CSR Committee in The requirement to disclose the details of difference
import substitution; Company for their commitment, commendable efforts,
accordance with the provisions of Section 135 of the between amount of the valuation done at the time of teamwork and professionalism.
Act. The Board of the Company has, based on the onetime settlement and the valuation done while taking
iii. In case of imported technology (imported
recommendations made by the CSR Committee, loan from the Banks or Financial Institutions along with
during the last 3 years reckoned from the
approved the CSR policy of the Company. The Company the reasons thereof, is not applicable.
beginning of the financial year):
is committed to focusing on inclusive growth and
The details of technology imported; improving lives by contributing towards communities Acknowledgement and appreciation
around which it operates. The Company endeavors Your Directors would like to place on record their gratitude
The year of import;
to ensure full utilization of the allocated CSR budget. for the valuable guidance and support received from the
Whether the technology been However, as the Company did not have sufficient profits Reserve Bank of India, Ministry of Corporate Affairs, the
fully absorbed; in the preceding three financial years, therefore, no funds
were earmarked for spending on CSR activities.
If not fully absorbed, areas where
absorption has not taken place, and the
Risk Management Policy and Identification of
reasons thereof; and ‘
elements of risk
iv. The expenditure incurred on Research Your Company has in place a mechanism to inform the For and on behalf of the Board of Directors
and Development. Board about the risk assessment and risk minimization FASHNEAR TECHNOLOGIES PRIVATE LIMITED
procedures and periodical review to ensure that
Given the nature of the activities of the Company,
management controls risk through means of a properly Vidit Aatrey Sanjeev Kumar
the above would not be applicable to the Company.
defined framework. Whole-time Director Whole-time Director
C. Foreign Exchange Earnings and Outgo DIN: 07248661 DIN: 07248672

The Foreign Exchange earned in terms of actual Compliance of Secretarial Standards Place: Bengaluru
inflows during the year: NIL The Directors state that applicable Secretarial Standards, Date: September 30, 2024
i.e., SS-1 relating to ‘Meetings of the Board’ and SS-2,
The Foreign Exchange outgo in terms of actual
relating to ‘General Meetings’, have been duly followed by
outflows during the year: INR 1063.05 Mn.
the Company during the period under review.

Significant Material Orders passed by the

Disclosure on Appointment of Designated
Regulators or Courts or Tribunal
Person
During the year under review, there were no significant
In terms of sub-rule (4) of Rule 9 of Companies
and material orders passed by the Regulators/Courts/
(Management and Administration) Rules, 2014, Vidit
Tribunals impacting the going concern status and the
Aatrey, Whole-time Director of the Company has been
Company’s operations in future.
appointed as Designated Person and shall be responsible
with respect to compliance with the provisions of the Act
Material Changes and Commitments affecting relating to beneficial interest.
the financial position of the Company
Subsequent to the year ended March 31, 2024, the Board Details of application made or proceeding
of Directors of the Company and its wholly owned pending under Insolvency and Bankruptcy
subsidiaries Meesho Grocery Private Limited ('Resultant Code, 2016
Company-1'), Meesho Technologies Private Limited
No application has been made under the Insolvency and
('Resultant Company-2') and Meesho Inc. ('Transferor
Bankruptcy Code; hence the requirement to disclose the
Company'), have approved the Composite Scheme
details of application made or any proceeding pending
of Arrangement between the Company, Resultant
under the Insolvency and Bankruptcy Code, 2016 (31 of
Company-1, Resultant Company-2, Transferor Company
2016) during the year along with their status as at the end
and their respective shareholders and creditors
of the financial year is not applicable.
(hereinafter referred to as “the Scheme”) in terms of the
provisions of Sections 230 to 232 of the Companies Act,
2013 to demerge the Grocery business and market place
business from the Company to Resultant Company-1 and
Resultant Company-2 respectively as well as transfer
the business of Transferor Company to the Company.

47 30
Form No. AOC-1 Annexure I Form No. AOC-2 Annexure II
(Pursuant to first proviso to sub-section (3) of section 129 of the Act read with rule 5 of Companies (Accounts) Rules, 2014)
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the Companies
Statement containing salient features of the financial statement of (Accounts) Rules, 2014)
subsidiaries/associate companies/joint ventures

1. Details of contracts or arrangements or transactions not at arm's length basis: NIL

Part “A”: Subsidiaries a) Name(s) of the related party and nature of relationship:
(Information in respect of each subsidiary to be presented with amounts in Rs.00) b) Nature of contracts/arrangements/transactions:

Sl. c) Duration of the contracts/arrangements/transactions:

Particulars Subsidiary Subsidiary
No. d) Salient terms of the contracts or arrangements or transactions including the value, if any:
1. Name of the subsidiary Meesho Grocery Meesho Technologies
e) Justification for entering into such contracts or arrangements or transactions:
Private Limited Private Limited
2. The date since when the subsidiary was acquired 18.03.2024 22.03.2024 f) Date(s) of approval by the Board:
3. Reporting period for the subsidiary concerned, if different from NA NA
g) Amount paid as advances, if any:
the holding Company’s reporting period
4. Reporting currency and Exchange rate as on the last date of NA NA h) Date on which the special resolution was passed in general meeting as required under first proviso
the relevant financial year in the case of foreign subsidiaries to section 188:
1. Share capital Nil Nil
2. Reserves & surplus Nil Nil
2. Details of contracts or arrangements or transactions at arm's length basis:
3. Total assets Nil Nil
4. Total Liabilities Nil Nil Salient terms of
5. Investments Nil Nil Duration of Date(s) of Amount
Name(s) of the Nature of contracts the contracts or
6. Turnover Nil Nil contracts / approval paid as
related party and / arrangements / arrangements or
7. Profit before taxation Nil Nil arrangements by the advances,
nature of relationship transactions transactions including
8. Provision for taxation Nil Nil / transactions Board if any
the value, if any
9. Profit after taxation Nil Nil
Shikhar Aatrey, Availing of Software 07 Months INR 0.51 Mn 06 March NA
10. Proposed Dividend Nil Nil
11. Extent of Holding 100% 100% (Relative of Director) development services 2024
12. % of shareholding of holding Company 100% 100% Meesho Inc Recovery of Expenses On going INR 1769.00 Mn NA NA
(Holding Company)
Notes: Meesho Payments Recovery of Expenses On going INR 21.97 Mn NA NA
1. Meesho Grocery Private Limited and Meesho Technologies Private Limited were incorporated in March 2024, Private Limited
however, the investment in the said subsidiaries were made in April 2024. The first year of the said subsidiaries will (Common Directors)
end on March 31, 2025. Therefore, all the figures have been marked as Nil.

2. Names of subsidiaries which are yet to commence operations: Meesho Grocery Private Limited and Meesho
For and on behalf of the Board of Directors
Technologies Private Limited
FASHNEAR TECHNOLOGIES PRIVATE LIMITED
3. Names of subsidiaries which have been liquidated or sold during the year: None
Vidit Aatrey Sanjeev Kumar
Whole-time Director Whole-time Director
DIN: 07248661 DIN: 07248672

Place: Bengaluru
Date: September 30, 2024

49 31
Report on CSR Activities Annexure III
8.

9.
Details of Unspent CSR amount for the preceding three financial years: Not Applicable

Whether any capital assets have been created or acquired through Corporate Social
Responsibility amount spent in the Financial Year-

In case of creation or acquisition of capital asset, furnish the details relating to the asset so
1. Brief outline on CSR Policy of the Company
created or acquired through CSR spent in the financial year: (asset-wise details)
The CSR Policy outlines and lays down the guidelines for the Company to make CSR a key business process for (a) Date of creation or acquisition of the capital asset(s). Nil
sustainable development of the Society. It aims at enhancing welfare measures of the Society on an immediate (b) Amount of CSR spent for creation or acquisition of capital asset. Nil
and long-term basis and to demonstrate commitment to common good through responsible business practices. (c) Details of the entity or public authority or beneficiary under whose name such capital Nil
asset is registered, their address etc.
The Company is committed towards integrating the economic, environmental, and social concerns of our country (d) Provide details of the capital asset(s) created or acquired (including complete address Nil
with the Company’s operation and growth. Company in alignment with the endeavor of the government to uplift and location of the capital asset)
the society is committed to contribute to the society at large by way of social and cultural developments, imparting
education, social awareness, environmental protection and maintaining ecological balance.
10. Specify the reason(s), if the Company has failed to spend two per cent of the average net
profit as per section 135(5).
2. Composition of CSR Committee as on 31.03.2024):
Not Applicable
Sl.
Name Designation
No.
1. Vidit Aatrey Chairperson and Member
2. Sanjeev Kumar Member Vidit Aatrey Sanjeev Kumar
Whole-time Director & Chairman of the CSR Committee Whole-time Director & Member
DIN: 07248661 DIN: 07248672
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects
approved by the board are disclosed on the website of the Company. Place: Bengaluru
The CSR Policy of the Company is available on the website of the Company at https://www.meesho.com/legal/ Date: September 30, 2024
csr-policy?embed=true

4. Provide the executive summary along with web-link(s) of Impact Assessment of CSR Projects
carried out in pursuance of sub-rule (3) of rule 8, if applicable.
Not Applicable

5. Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies
(Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the
financial year, if any:
Not Applicable

6. (a) Average net profit of the Company as per section 135(5) - Nil, due to continuing losses during three
preceding financial years.

(b) Two percent of average net profit of the Company as per section 135(5) - NIL

(c) Surplus arising out of the CSR projects or programmes or activities of the previous financial years- NIL

(d) Amount required to be set off for the financial year, if any - NIL

(e) Total CSR obligation for the financial year (5b+5c-5d) – NIL

7. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): Not Applicable

(b) Amount spent in Administrative Overheads: Not Applicable

(c) Amount spent on Impact Assessment, if applicable: Not Applicable

(d) Total amount spent for the Financial Year (6a+6b+6c): Not Applicable

(e) CSR amount spent or unspent for the Financial Year: Not Applicable

(f) Excess amount for set-off, if any: Not Applicable

51 32
Independent Auditor’s Report going concern basis of accounting unless management
either intends to liquidate the Company or to cease
are required to draw attention in our auditor’s report
to the related disclosures in the standalone financial
operations, or has no realistic alternative but to do so. statements or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on
To Those Charged with Governance are also responsible for the audit evidence obtained up to the date of our
The Members of overseeing the Company’s financial reporting process. auditor’s report. However, future events or conditions
Fashnear Technologies Private Limited may cause the Company to cease to continue as
Auditor’s Responsibilities for the Audit of the a going concern.

Report on the Audit of the Standalone Financial include the standalone financial statements and our Standalone Financial Statements
Evaluate the overall presentation, structure and
Statements auditor’s report thereon. Our objectives are to obtain reasonable assurance content of the standalone financial statements,
Opinion about whether the standalone financial statements as including the disclosures, and whether the
Our opinion on the standalone financial statements does
a whole are free from material misstatement, whether standalone financial statements represent the
We have audited the accompanying standalone financial not cover the other information and we do not express
due to fraud or error, and to issue an auditor’s report that underlying transactions and events in a manner that
statements of Fashnear Technologies Private Limited any form of assurance conclusion thereon.
includes our opinion. Reasonable assurance is a high achieves fair presentation.
(“the Company”), which comprise the Balance sheet as at level of assurance, but is not a guarantee that an audit
March 31, 2024, the Statement of Profit and Loss, including In connection with our audit of the standalone financial
conducted in accordance with SAs will always detect We communicate with those charged with governance
the statement of Other Comprehensive Income/(Loss), statements, our responsibility is to read the other
a material misstatement when it exists. Misstatements regarding, among other matters, the planned scope
the Cash Flow Statement and the Statement of Changes information and, in doing so, consider whether such other
can arise from fraud or error and are considered and timing of the audit and significant audit findings,
in Equity for the year then ended, and notes to the information is materially inconsistent with the standalone
material if, individually or in the aggregate, they could including any significant deficiencies in internal control
standalone financial statements, including a summary financial statements or our knowledge obtained in the
reasonably be expected to influence the economic that we identify during our audit.
of material accounting policies and other explanatory audit or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that decisions of users taken on the basis of these standalone
information (hereinafter referred to as “the standalone We also provide those charged with governance with
there is a material misstatement of this other information, financial statements.
financial statements”). a statement that we have complied with relevant
we are required to report that fact. We have nothing to ethical requirements regarding independence, and
As part of an audit in accordance with SAs, we exercise
In our opinion and to the best of our information and report in this regard. to communicate with them all relationships and other
professional judgment and maintain professional
according to the explanations given to us, the aforesaid skepticism throughout the audit. We also: matters that may reasonably be thought to bear on our
standalone financial statements give the information
Responsibility of Management for the independence, and where applicable, related safeguards.
required by the Companies Act, 2013, as amended Identify and assess the risks of material misstatement
Standalone Financial Statements
(“the Act”) in the manner so required and give a true and of the standalone financial statements, whether
fair view in conformity with the accounting principles The Company’s Board of Directors is responsible for the due to fraud or error, design and perform audit
Other matters
generally accepted in India, of the state of affairs of the matters stated in section 134(5) of the Act with respect to procedures responsive to those risks, and obtain The financial statements of the Company for the year
Company as at March 31, 2024, its loss including other the preparation of these standalone financial statements audit evidence that is sufficient and appropriate ended March 31, 2023, included in these standalone
comprehensive income/(loss) its cash flows and the that give a true and fair view of the financial position, to provide a basis for our opinion. The risk of not financial statements, have been audited by the
changes in equity for the year ended on that date. financial performance including other comprehensive detecting a material misstatement resulting from predecessor auditor who expressed an unmodified
income, cash flows and changes in equity of the Company fraud is higher than for one resulting from error, opinion on those financial statements dated
Basis for Opinion in accordance with the accounting principles generally as fraud may involve collusion, forgery, intentional October 20, 2023.
We conducted our audit of the standalone financial accepted in India, including the Indian Accounting omissions, misrepresentations, or the override of
statements in accordance with the Standards on Standards (Ind AS) specified under section 133 of the internal control.
Act read with the Companies (Indian Accounting Report on Other Legal and Regulatory
Auditing (SAs), as specified under section 143(10) of
Standards) Rules, 2015, as amended. This responsibility Obtain an understanding of internal control relevant Requirements
the Act. Our responsibilities under those Standards are
further described in the ‘Auditor’s Responsibilities for the also includes maintenance of adequate accounting to the audit in order to design audit procedures that 1. As required by the Companies (Auditor’s Report)
Audit of the Standalone Financial Statements’ section records in accordance with the provisions of the Act are appropriate in the circumstances. Under section Order, 2020 (“the Order”), issued by the Central
of our report. We are independent of the Company for safeguarding of the assets of the Company and for 143(3)(i) of the Act, we are also responsible for Government of India in terms of sub-section (11) of
in accordance with the ‘Code of Ethics’ issued by the preventing and detecting frauds and other irregularities; expressing our opinion on whether the Company has section 143 of the Act, we give in the “Annexure 1” a
Institute of Chartered Accountants of India together with selection and application of appropriate accounting adequate internal financial controls with reference statement on the matters specified in paragraphs 3
the ethical requirements that are relevant to our audit of policies; making judgments and estimates that are to standalone financial statements in place and the and 4 of the Order.
the standalone financial statements under the provisions reasonable and prudent; and the design, implementation operating effectiveness of such controls.
and maintenance of adequate internal financial controls, 2. As required by Section 143(3) of the Act, we report, to
of the Act and the Rules thereunder, and we have fulfilled
that were operating effectively for ensuring the accuracy Evaluate the appropriateness of accounting the extent applicable, that:
our other ethical responsibilities in accordance with these
and completeness of the accounting records, relevant policies used and the reasonableness of
requirements and the Code of Ethics. We believe that (a) We have sought and obtained all the
to the preparation and presentation of the standalone accounting estimates and related disclosures
the audit evidence we have obtained is sufficient and information and explanations which to the best
financial statements that give a true and fair view and made by management.
appropriate to provide a basis for our audit opinion on of our knowledge and belief were necessary for
the standalone financial statements. are free from material misstatement, whether due to
Conclude on the appropriateness of management’s the purposes of our audit;
fraud or error.
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether (b) In our opinion, proper books of account as
Other Information In preparing the standalone financial statements,
a material uncertainty exists related to events or required by law have been kept by the Company
management is responsible for assessing the Company’s
The Company’s Board of Directors is responsible for the conditions that may cast significant doubt on the so far as it appears from our examination
ability to continue as a going concern, disclosing, as
other information. The other information comprises the Company’s ability to continue as a going concern. of those books except in respect of two
applicable, matters related to going concern and using the
information included in the Annual report, but does not If we conclude that a material uncertainty exists, we applications, backup of the books of account

00
53 33
 and other books and papers maintained in ii. The Company did not have any long-term softwares for maintaining its books of
electronic mode has not been maintained on contracts including derivative contracts account which have a feature of recording
servers physically located in India on daily basis for which there were any material audit trail (edit log) facility and the same
and for two applications, the Company does not foreseeable losses. have operated throughout the year for
have servers physically located in India for the all relevant transactions recorded in the
daily backup of the books of account and other iii. There were no amounts which were required aforesaid softwares, except that i) in
books and papers maintained in electronic to be transferred to the Investor Education respect of three applications audit trail
mode as disclosed in Note 39 to the standalone and Protection Fund by the Company. feature was not enabled and accordingly
financial statements and the matters stated we cannot comment on the audit trail
iv. a) The management has represented
in the paragraph (i) (vi) below on reporting feature being tampered with in this regard
that, to the best of its knowledge
under Rule 11(g); and ii) in respect of one application used
and belief that, no funds have been For S.R. Batliboi & Associates LLP
by the Company, audit trail feature is
advanced or loaned or invested Chartered Accountants
(c) The Balance Sheet, the Statement of Profit not enabled for direct changes to data
(either from borrowed funds or share ICAI Firm Registration Number: 101049W/E300004
and Loss including the Statement of Other when using certain access rights and
Comprehensive Income, the Cash Flow premium or any other sources or kind
we did not come across any instance of per Rajeev Kumar
Statement and Statement of Changes in Equity of funds) by the Company to or in any
audit trail feature being tampered with in Partner
dealt with by this Report are in agreement with other persons or entities, including
respect of this application where audit trail Place: Bengaluru Membership Number: 213803
the books of account; foreign entities (“Intermediaries”),
has been enabled. Date: September 30, 2024 UDIN: 24213803BKGWOC9808
with the understanding, whether
(d) In our opinion, the aforesaid standalone financial recorded in writing or otherwise,
statements comply with the Accounting that the Intermediary shall, whether,
Standards specified under Section 133 of the directly or indirectly lend or invest in
Act, read with Companies (Indian Accounting other persons or entities identified
Standards) Rules, 2015, as amended; in any manner whatsoever by or on
behalf of the Company (“Ultimate
(e) On the basis of the written representations Beneficiaries”) or provide any
received from the directors as on March 31, 2024 guarantee, security or the like on
taken on record by the Board of Directors, none behalf of the Ultimate Beneficiaries;
of the directors are disqualified as on March
31, 2024 from being appointed as a director in b) The management has represented
terms of Section 164 (2) of the Act; that, to the best of its knowledge
and belief that, no funds have been
(f) The modification relating to the maintenance received by the Company from any
of accounts and other matters connected persons or entities, including foreign
therewith are as stated in the paragraph (b) entities (“Funding Parties”), with the
above on reporting under Section 143(3)(b) understanding, whether recorded in
and paragraph below (i) (vi) on reporting writing or otherwise, that the Company
under Rule 11 (g); shall, whether, directly or indirectly, lend
or invest in other persons or entities
(g) With respect to the adequacy of the internal
identified in any manner whatsoever
financial controls with reference to these
by or on behalf of the Funding Party
standalone financial statements and the
(“Ultimate Beneficiaries”) or provide any
operating effectiveness of such controls,
guarantee, security or the like on behalf
refer to our separate Report in “Annexure 2”
of the Ultimate Beneficiaries; and
to this report;
c) Based on such audit procedures
(h) The provisions of section 197 read with Schedule
performed that have been considered
V of the Act are not applicable to the Company
reasonable and appropriate in the
for the year ended March 31, 2024;
circumstances, nothing has come
(i) With respect to the other matters to be included to our notice that has caused us to
in the Auditor’s Report in accordance with Rule believe that the representations under
11 of the Companies (Audit and Auditors) Rules, sub-clause (a) and (b) contain any
2014, as amended in our opinion and to the material misstatement.
best of our information and according to the
v. No dividend has been declared or paid
explanations given to us:
during the year by the Company.
i. The Company has disclosed the impact of
vi. Based on our examination which included
pending litigations on its financial position in its
test checks, and as explained in note 39 to
standalone financial statements – Refer Note
the standalone financial statements, the
28(a) to the standalone financial statements.
Company has used certain accounting

55 34
 of sections 73 to 76 of the Act and the rules made tax, duty of custom, goods and services tax,
Annexure 1 thereunder, to the extent applicable. Accordingly, the cess and other statutory dues have generally
requirement to report on clause 3(v) of the Order is been regularly deposited with the appropriate
to the Independent Auditor’s Report of even date on the Standalone Financial Statements of Fashnear Technologies
not applicable to the Company. authorities. According to the information and
Private Limted
explanations given to us and based on audit
(vi) To the best of our knowledge and as explained, procedures performed by us, no undisputed
In terms of the information and explanations sought by provided advances in the nature loans to Other the Central Government has not specified the amounts payable in respect of these statutory
us and given by the Company and the books of account parties (employees) as follows: maintenance of cost records under Section 148(1) of dues were outstanding, at the year end, for a
and records examined by us in the normal course of audit the Act, for the services of the Company. period of more than six months from the date they
and to the best of our knowledge and belief, we state that: Advances in
became payable.
nature of loans (vii) (a) Undisputed statutory dues including provident
(i) (a) (A) The Company has maintained proper (Rs million) fund, employees’ state insurance, income-
records showing full particulars, including
Aggregate amount granted/ 48.73
quantitative details and situation of
provided during the year
Property, Plant and Equipment. (b) There are no dues of goods and services tax, provident fund, employees’ state insurance, income tax, sales-
Balance outstanding as 19.69
at balance sheet date in tax, service tax, duty of custom, duty of excise, value added tax, cess and other statutory dues which have not
(a) (B) The Company has maintained proper
respect of above cases been deposited on account of any dispute, except as follows.
records showing full particulars of
intangible assets. Period to which
(b) During the year, the investments made and the Payment Forum where
Nature of the Amount the amount
(b) All property, plant and equipment have not terms and conditions of the grant of loans to Name of the statute under protest the dispute is
dues (J in Millions) relates (financial
been physically verified by the management other parties (employees) are not prejudicial (J in Millions) pending
year)
during the year but there is a regular program of to the Company’s interest. The Company has
verification which, in our opinion, is reasonable not given guarantees, loans and advances The Central Goods and Goods and 142.91 14.29 October Commissioner
having regard to the size of the Company in the nature of loans or provided security to Service Tax Act, 2017 Service Tax 2018-March 2020 (Appeals),
and the nature of its assets. No material companies, firms or Limited Liability Partnerships. Thane
discrepancies were noticed on such verification.
(c) The Company has granted interest-free loans or (viii) The Company has not surrendered or disclosed any (f) The Company has not raised loans during
(c) There are no immovable properties (other than advances in the nature of loans during the year transaction, previously unrecorded in the books of the year on the pledge of securities held in
properties where the Company is the lessee to other parties (employees) where the schedule account, in the tax assessments under the Income its subsidiaries. The Company does not have
and the lease agreements are duly executed in of repayment of principal has been stipulated Tax Act, 1961 as income during the year as disclosed any associates or joint ventures. Hence, the
favour of the lessee), held by the Company. and the repayment or receipts are regular. in note 37 to the standalone financial statements. requirement to report on clause (ix)(f) of the
Accordingly, the requirement to report on clause Order is not applicable to the Company.
(d) The Company has not revalued its Property, (d) There are no amounts of loans and advances in 3(viii) of the Order is not applicable to the Company.
Plant and Equipment (including Right of use the nature of loans granted to companies, firms, (x) (a) The Company has not raised any money during
assets) or intangible assets during the year limited liability partnerships or any other parties (ix) (a) The Company did not have any outstanding the year by way of initial public offer / further
ended March 31, 2024. which are overdue for more than ninety days. loans or borrowings or interest thereon due to public offer (including debt instruments) hence,
any lender during the year. Accordingly, the the requirement to report on clause 3(x)(a) of
(e) There are no proceedings initiated or are (e) There were no loans or advances in the nature requirement to report on clause ix(a) of the the Order is not applicable to the Company.
pending against the Company for holding of loans granted to other parties (employees) Order is not applicable to the Company.
any benami property under the Prohibition of which was fallen due during the year, that (b) The Company has not made any preferential
Benami Property Transactions Act, 1988 and have been renewed or extended or fresh loans (b) The Company has not been declared wilful allotment or private placement of shares /fully
rules made thereunder as disclosed in note 37 granted to settle the overdues of existing loans defaulter by any bank or financial institution or or partially or optionally convertible debentures
to the standalone financial statements. or advances given to the same parties. government or any government authority. during the year under audit and hence, the
requirement to report on clause 3(x)(b) of the
(ii) (a) The Company’s business does not require (f) The Company has not granted any loans (c) The Company did not have any term loans Order is not applicable to the Company.
maintenance of inventories and, accordingly, or advances in the nature of loans, either outstanding during the year. Hence, the
the requirement to report on clause 3(ii)(a) of repayable on demand or without specifying any requirement to report on clause (ix)(c) of the (xi) (a) No fraud by the Company or no fraud on
the Order is not applicable to the Company. terms or period of repayment to other parties Order is not applicable to the Company. the Company has been noticed or reported
(employees). Accordingly, the requirement during the year.
(b) The Company has not been sanctioned working (d) On an overall examination of the standalone
to report on clause 3(iii)(f) of the Order is not
capital limits in excess of Rs. five crores in financial statements of the Company, no funds (b) During the year, no report under sub-section (12)
applicable to the Company.
aggregate from banks or financial institutions raised on short-term basis have been used for of section 143 of the Act has been filed by cost
during any point of time of the year on the basis (iv) There are no loans, investments, guarantees, and long-term purposes by the Company. auditor or by us in Form ADT-4 as prescribed
of security of current assets. Accordingly, the security in respect of which provisions of sections 185 under Rule 13 of Companies (Audit and Auditors)
(e) On an overall examination of the standalone Rules, 2014 with the Central Government.
requirement to report on clause 3(ii)(b) of the and 186 of the Companies Act, 2013 are applicable
financial statements of the Company, the
Order is not applicable to the Company. and accordingly, the requirement to report on clause
Company has not taken funds from any entity (c) We have taken into consideration the whistle
3(iv) of the Order is not applicable to the Company.
(iii) (a) During the year the Company has not provided or person specifically on account of or to meet blower complaints received by the Company
any loans, stood guarantee or provided (v) The Company has neither accepted any deposits the obligations of its subsidiaries. The Company while determining the nature, timing and extent
security to companies, firms or Limited Liability from the public nor accepted any amounts which does not have any associates or joint ventures. of audit procedures.
Partnerships. During the year, the Company has are deemed to be deposits within the meaning

57 35
(xii) The Company is not a nidhi Company as per the
provisions of the Act. Therefore, the requirement to
(xvii)The Company has incurred cash losses amounting to
H 2,473.65 Million in the current year and amounting
Annexure 2
report on clause 3(xii)(a) to (c) of the Order is not to H 16,451.68 Million in the immediately preceding to the Independent Auditor’s Report of even date on the Standalone Financial Statements of Fashnear
applicable to the Company. financial year. Technologies Private Limted

(xiii) Transactions with the related parties are in (xviii)There has been no resignation of the statutory
Report on the Internal Financial Controls under of internal financial controls with reference to these
compliance with section 188 of the Act where auditors during the year and accordingly
Clause (i) of Sub-section 3 of Section 143 of the standalone financial statements, assessing the risk that
applicable and the details have been disclosed in requirement to report on Clause 3(xviii) of the Order
Companies Act, 2013 (“the Act”) a material weakness exists, and testing and evaluating
the notes to the standalone financial statements, as is not applicable to the Company.
the design and operating effectiveness of internal
required by the applicable accounting standards. We have audited the internal financial controls with
(xix) On the basis of the financial ratios disclosed in note control based on the assessed risk. The procedures
The provisions of section 177 are not applicable to reference to the standalone financial statements of
36 to the standalone financial statements, ageing selected depend on the auditor’s judgement, including
the Company and accordingly the requirements Fashnear Technologies Private Limited (“the Company”)
and expected dates of realization of financial assets the assessment of the risks of material misstatement
to report under clause 3(xiii) of the Order insofar as as of March 31, 2024 in conjunction with our audit of the
and payment of financial liabilities, other information of the standalone financial statements, whether due to
it relates to section 177 of the Act is not applicable standalone financial statements of the Company for the
accompanying the standalone financial statements, fraud or error.
to the Company. year ended on that date.
our knowledge of the Board of Directors and
We believe that the audit evidence we have obtained is
(xiv) (a) The Company has an internal audit system management plans and based on our examination
Management’s Responsibility for Internal sufficient and appropriate to provide a basis for our audit
commensurate with the size and nature of the evidence supporting the assumptions, nothing
Financial Controls opinion on the Company’s internal financial controls with
of its business. has come to our attention, which causes us to
reference to these standalone financial statements.
believe that any material uncertainty exists as on The Company’s Management is responsible for
(b) The internal audit reports of the Company the date of the audit report that Company is not establishing and maintaining internal financial controls
issued till the date of the audit report, for the capable of meeting its liabilities existing at the date based on the internal control over financial reporting Meaning of Internal Financial Controls With
period under audit have been considered by us. of balance sheet as and when they fall due within a criteria established by the Company considering the Reference to these Standalone Financial
period of one year from the balance sheet date. We, essential components of internal control stated in the Statements
(xv) The Company has not entered into any non-cash
however, state that this is not an assurance as to the Guidance Note on Audit of Internal Financial Controls A company's internal financial controls with reference
transactions with its directors or persons connected
future viability of the Company. We further state that Over Financial Reporting issued by the Institute of to these standalone financial statements is a process
with its directors and hence requirement to report
our reporting is based on the facts up to the date of Chartered Accountants of India (the “Guidance note”). designed to provide reasonable assurance regarding
on clause 3(xv) of the Order is not applicable
the audit report and we neither give any guarantee These responsibilities include the design, implementation the reliability of financial reporting and the preparation
to the Company.
nor any assurance that all liabilities falling due and maintenance of adequate internal financial of standalone financial statements for external purposes
(xvi) (a) The provisions of section 45-IA of the Reserve within a period of one year from the balance sheet controls that were operating effectively for ensuring the in accordance with generally accepted accounting
Bank of India Act, 1934 (2 of 1934) are not date, will get discharged by the Company as and orderly and efficient conduct of its business, including principles. A company's internal financial control with
applicable to the Company. Accordingly, the when they fall due. adherence to the Company’s policies, the safeguarding reference to these standalone financial statements
requirement to report on clause (xvi)(a) of the of its assets, the prevention and detection of frauds and includes those policies and procedures that (1) pertain
(xx) The provisions of section 135 of the Act in relation errors, the accuracy and completeness of the accounting
Order is not applicable to the Company. to the maintenance of records that, in reasonable
to Corporate Social Responsibility is not applicable records, and the timely preparation of reliable financial detail, accurately and fairly reflect the transactions and
(b) The Company has not conducted any Non- to the Company. Accordingly, the requirement to information, as required under the Act. dispositions of the assets of the company; (2) provide
Banking Financial or Housing Finance activities report on clause 3(xx)(a) and (b) of the Order is not
reasonable assurance that transactions are recorded as
without obtaining a valid Certificate of applicable to the Company.
Auditor’s Responsibility necessary to permit preparation of standalone financial
Registration (CoR) from the Reserve Bank of statements in accordance with generally accepted
India as per the Reserve Bank of India Act, 1934. Our responsibility is to express an opinion on the
accounting principles, and that receipts and expenditures
Company's internal financial controls with reference
of the company are being made only in accordance
(c) The Company is not a Core Investment to these standalone financial statements based on
with authorisations of management and directors of
Company as defined in the regulations made our audit. We conducted our audit in accordance with
For S.R. Batliboi & Associates LLP the company; and (3) provide reasonable assurance
by Reserve Bank of India. Accordingly, the the Guidance Note and the Standards on Auditing as
Chartered Accountants regarding prevention or timely detection of unauthorised
requirement to report on clause 3(xvi)(c) of the specified under section 143(10) of the Act, to the extent
ICAI Firm Registration Number: 101049W/E300004 acquisition, use, or disposition of the company's assets
Order is not applicable to the Company. applicable to an audit of internal financial controls, both
that could have a material effect on the standalone
issued by the Institute of Chartered Accountants of India.
(d) There is no Core Investment Company as a part per Rajeev Kumar financial statements.
Those Standards and the Guidance Note require that we
of the Group, hence, the requirement to report Partner
comply with ethical requirements and plan and perform
on clause 3(xvi)(d) of the Order is not applicable Place: Bengaluru Membership Number: 213803 Inherent Limitations of Internal Financial
the audit to obtain reasonable assurance about whether
to the Company. Date: September 30, 2024 UDIN: 24213803BKGWOC9808 Controls With Reference to Standalone
adequate internal financial controls with reference to
these standalone financial statements was established Financial Statements
and maintained and if such controls operated effectively Because of the inherent limitations of internal financial
in all material respects. controls with reference to standalone financial
statements, including the possibility of collusion or
Our audit involves performing procedures to obtain audit
improper management override of controls, material
evidence about the adequacy of the internal financial
misstatements due to error or fraud may occur and not
controls with reference to these standalone financial
be detected. Also, projections of any evaluation of the
statements and their operating effectiveness. Our audit
internal financial controls with reference to standalone
of internal financial controls with reference to standalone
financial statements to future periods are subject to
financial statements included obtaining an understanding

59 36
the risk that the internal financial control with reference
to standalone financial statements may become
considering the essential components of internal control
stated in the Guidance Note issued by the Institute of Standalone Balance Sheet
inadequate because of changes in conditions, or that Chartered Accountants of India. as at March 31, 2024
the degree of compliance with the policies or procedures (All amounts in Indian Rupees in Millions, except as stated otherwise)
may deteriorate.
As at As at
Notes
March 31, 2024 March 31, 2023
Opinion For S.R. Batliboi & Associates LLP
ASSETS
Non-current assets
In our opinion, the Company has, in all material respects, Chartered Accountants Property, plant and equipment 3(a) 522.83 231.22
adequate internal financial controls with reference to ICAI Firm Registration Number: 101049W/E300004 Capital work-in-progress 3(b) - -
these standalone financial statements and such internal Intangible assets 4 15.61 219.37
Intangible assets under development 5 - 17.34
financial controls with reference to these standalone per Rajeev Kumar Right-of-use assets 3(a) 581.11 110.17
financial statements were operating effectively as Partner Financial assets
at March 31, 2024, based on the internal control over Place: Bengaluru Membership Number: 213803 Investments 6 - 1,106.44
Bank balances other than cash and cash equivalents 7 8,114.77 5,750.00
financial reporting criteria established by the Company Date: September 30, 2024 UDIN: 24213803BKGWOC9808 Other financial assets 8 62.81 1.45
Income tax assets 9 404.28 265.39
Other non current assets 10 - 2,491.68
Total non-current assets 9,701.41 10,193.06
Current assets
Financial assets
Investments 6 4,428.61 19,426.47
Trade receivables 11 - 3.96
Cash and cash equivalents 12 1,366.29 952.24
Bank balances other than cash and cash equivalents 7 16,482.70 560.20
Loans 13 19.69 50.13
Other financial assets 8 6,033.93 1,722.72
Other current assets 10 2,294.50 2,624.41
Total current assets 30,625.72 25,340.13
Total assets 40,327.13 35,533.19
EQUITY AND LIABILITIES
Equity
Equity share capital 14 78.35 78.35
Other equity 15 21,157.52 21,694.77
Total equity 21,235.87 21,773.12
Liabilities
Non-current liabilities
Financial liabilities
Lease liabilities 32 582.66 -
Provisions 16 142.96 114.92
Total non-current liabilities 725.62 114.92
Current liabilities
Financial liabilities
Lease liabilities 32 140.05 116.80
Trade payables 17
total outstanding dues of micro enterprises and small enterprises 615.78 143.71
total outstanding dues of creditors other than micro enterprises 7,921.96 8,145.92
and small enterprises
Other financial liabilities 18 8,305.94 4,528.59
Other current liabilities 19 1,290.42 496.52
Provisions 16 91.49 213.61
Total current liabilities 18,365.64 13,645.15
Total equity and liabilities 40,327.13 35,533.19

Summary of material accounting policies 2

The accompanying notes form an integral part of these standalone financial statements.

As per our report of even date

For S R Batliboi & Associates LLP For and on behalf of Board of Directors of
Chartered Accountants Fashnear Technologies Private Limited
ICAI Firm's Registration Number: 101049W/E300004 CIN : U74900KA2015PTC082263

per Rajeev Kumar Vidit Aatrey Sanjeev Kumar Dhiresh Bansal

Partner Director Director Chief Financial Officer
Membership number: 213803 DIN: 7248661 DIN: 7248672

Place: Bengaluru, India Place: Bengaluru, India

Date: September 30, 2024 Date: September 30, 2024

61 37
Standalone Statement of Profit and Loss Standalone Statement of Cash Flows
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees in Millions, except as stated otherwise) (All amounts in Indian Rupees in Millions, except as stated otherwise)

Notes
For the year ended For the year ended For the year ended For the year ended
March 31, 2024 March 31, 2023
March 31, 2024 March 31, 2023
Income Cash flow from operating activities
Revenue from operations 20 76,149.48 57,345.19 Loss before tax (3,049.56) (16,750.13)
Other income 21 2,301.72 1,547.61 Adjustments to reconcile loss before tax to net cash flows
Total income 78,451.20 58,892.80 Depreciation and amortisation expense 581.02 298.45
Expenses Allowance for doubtful balances 108.49 250.81
Employee benefits expense 22 7,504.91 7,263.35 Net (Gain) / Loss on disposal of property, plant and equipment (1.69) 22.46
Finance costs 23 63.72 13.38 Property, plant and equipment written off 0.99 1.31
Depreciation and amortization expense 24 581.02 298.45
Gain on termination of lease Contract (3.47) -
Liabilities no longer required, written back (62.96) -
Other expenses 25 73,351.11 68,067.75
Profit on sale of current investments, net (289.09) (513.81)
Total expense 81,500.76 75,642.93
Fair value gain on investments at fair value through profit and loss (14.33) (114.81)
Loss before tax (3,049.56) (16,750.13)
Interest on lease liabilities 57.72 13.38
Tax expense
Interest income on bank deposits, bonds and certificate of deposits (1,872.00) (867.39)
Current tax - - Interest income on security deposits (unwinding of discounting impact) (4.80) (0.98)
Deferred tax - - Employee share based payment expense 2,516.27 1,058.02
Total tax expense - - Operating loss before working capital changes (2,033.41) (16,602.69)
Loss for the year (3,049.56) (16,750.13) Movement in working capital:
Other comprehensive income/(loss) Decrease/ (increase) in trade receivables 3.96 (3.96)
Items that will not be reclassified subsequently to profit or loss Decrease/ (increase) in loans 30.44 (21.07)
Remeasurement of defined employee benefit plans (3.96) (10.42) (Increase)/ decrease in other financial assets (3,068.13) 3,214.26
Income tax on above - -
Decrease/ (increase) in other assets 2,821.59 (1,743.28)
Increase/ (decrease) in trade payables 248.11 (4,956.60)
Other comprehensive income/(loss), net of tax (3.96) (10.42)
Increase/ (decrease) in other financial liabilities 3,759.49 (2,803.31)
Total comprehensive income/(loss) for the year (3,053.52) (16,760.55)
Increase/ (decrease) in other liabilities and provisions 695.86 (7.33)
Earnings/(loss) per equity share
Cash flows from/ (used in) operating activities 2,457.91 (22,923.98)
Basic/Diluted (H) 26
Income taxes paid, net of refund (138.89) (101.21)
Equity shares [Nominal value of share Re. 1 each (March 31, 2023: Re. 1)] (38.92) (225.38) Net cash flows from/ (used in) operating activities (A) 2,319.02 (23,025.19)
Weighted average number of shares used in computing above 7,83,49,851 7,43,17,900 Cash flows from investing activities
Purchase of property, plant and equipment, intangible assets and (352.48) (379.81)
Summary of material accounting policies 2 intangible assets under development (including capital creditors)
Proceeds from sale of property, plant and equipment 5.86 15.03
The accompanying notes form an integral part of these standalone financial statements. Purchase of investments (99,022.08) (1,38,403.15)
Proceeds from sale of investments 1,15,429.93 1,30,476.60
As per our report of even date
Redemption/(investment) in fixed deposits, net (18,287.27) (5,363.00)
For S R Batliboi & Associates LLP For and on behalf of Board of Directors of Interest received 435.16 761.32
Chartered Accountants Fashnear Technologies Private Limited Net cash flows used in investing activities (B) (1,790.88) (12,893.01)
ICAI Firm's Registration Number: 101049W/E300004 CIN : U74900KA2015PTC082263 Cash flows from financing activities
Proceeds from issue of share capital (including share premium) - 32,751.56
per Rajeev Kumar Vidit Aatrey Sanjeev Kumar Dhiresh Bansal
Partner Director Director Chief Financial Officer
Payment of share issue expenses - (2.52)
Membership number: 213803 DIN: 7248661 DIN: 7248672 Payment of principal portion of lease liabilities (103.27) (111.67)
Payment of interest portion of lease liabilities (10.82) (3.71)
Place: Bengaluru, India Place: Bengaluru, India Net cash flows (used in)/ from financing activities (C) (114.09) 32,633.66
Date: September 30, 2024 Date: September 30, 2024 Net increase/ (decrease) in cash and cash equivalents (A + B +C) 414.05 (3,284.54)
Cash and cash equivalents at the beginning of the year 952.24 4,236.78
Cash and cash equivalents at end of the year 1,366.29 952.24
Cash and Cash equivalents comprise of: (Refer note 12)
Balances with banks:
- in current accounts 616.29 952.24
- in deposit accounts -
- in deposit accounts (with original maturity of 3 months or less) 750.00 -
Total Cash and cash equivalents 1,366.29 952.24

63 38
Standalone Statement of Cash Flows Standalone Statement of Changes in Equity
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees in Millions, except as stated otherwise) (All amounts in Indian Rupees in Millions, except as stated otherwise)
For the year ended For the year ended A. Equity Share Capital
March 31, 2024 March 31, 2023
Equity shares of Re. 1 each issued, subscribed and fully paid
Changes in liabilities arising from financing activities
Balance as at the beginning of the year 116.80 32.98 No. of shares Amount
Cash outflow (114.09) (115.38)
As at 1 April 2022 6,24,80,247 62.48
Non Cash Issued during the year 1,58,69,604 15.87
- Additions 695.61 185.82 As at 31 March 2023 7,83,49,851 78.35
- Accretion of interest 57.72 13.38 Issued during the year - -
- Termination of lease contract (33.33) - As at 31 March 2024 7,83,49,851 78.35
Balance as at the end of the year 722.71 116.80
B. Other Equity
Summary of material accounting policies Note 2
Share Reserve and Surplus
Deemed
application Employee Retained
capital Securities Total
The accompanying notes form an integral part of these standalone financial statements. money pending stock option earnings
contribution Premium
allotment reserve*
As per our report of even date As at 1 April 2022 2,273.70 2,523.94 41,459.04 - (41,592.55) 4,664.13
Loss for the year - - - - (16,750.13) (16,750.13)
For S R Batliboi & Associates LLP For and on behalf of Board of Directors of Other comprehensive income/(loss) - - - - (10.42) (10.42)
Chartered Accountants Fashnear Technologies Private Limited Issues of equity shares (2,273.70) - 35,009.39 - - 32,735.69
ICAI Firm's Registration CIN : U74900KA2015PTC082263 Transaction costs on - - (2.52) - - (2.52)
Number: 101049W/E300004 issue of equity shares
Employee share based - 1,058.02 - - - 1,058.02
per Rajeev Kumar Vidit Aatrey Sanjeev Kumar Dhiresh Bansal payment expense
Partner Director Director Chief Financial Officer As at March 31, 2023 - 3,581.96 76,465.91 - (58,353.10) 21,694.77
Membership number: 213803 DIN: 7248661 DIN: 7248672 Loss for the year - - - - (3,049.56) (3,049.56)
Other comprehensive income/(loss) - - - - (3.96) (3.96)
Place: Bengaluru, India Place: Bengaluru, India Employee share based - 2,516.27 - - - 2,516.27
Date: September 30, 2024 Date: September 30, 2024 payment expense
As at March 31, 2024 - 6,098.23 76,465.91 - (61,406.62) 21,157.52
* Pursuant to the resolution of board of directors of the Holding Company dated 30 March 2024, some of the unvested stock options of the
eligible employees granted under the 2016 Stock Incentive Plan have been replaced with stock options under the FTPL ESOP Plan 2024. Since the
replacement of stock options has occurred on the last day of the financial year, no cost is required to be accounted under the FTPL ESOP Plan
2024 during the year ended March 31, 2024. Refer note 31.

Securities Premium This reserve is used to record the premium on issue of shares and can be utilised only for limited
purposes in accordance with the provisions of the Companies Act, 2013.

Retained earnings - Retained earnings are the profits/(loss) that the Company has earned/incurred till date, dividends
or other distributions paid to shareholders. Retained earnings include re-measurement loss / (gain) on defined benefit
plans, net of taxes that will not be reclassified to Statement of Profit and Loss.

Deemed capital contribution - The reserve is used to recognise the grant date fair value of options issued to employees
of the Company by the Holding Company over their vesting period.

Employee stock option reserve - This reserve is used to recognise the fair value of equity-settled Employee stock
option outstanding transactions with employees.

Summary of material accounting policies Note 2

The accompanying notes form an integral part of these standalone financial statements.
As per our report of even date
For S R Batliboi & Associates LLP For and on behalf of Board of Directors of
Chartered Accountants Fashnear Technologies Private Limited
ICAI Firm's Registration CIN : U74900KA2015PTC082263
Number: 101049W/E300004

per Rajeev Kumar Vidit Aatrey Sanjeev Kumar Dhiresh Bansal

Partner Director Director Chief Financial Officer
Membership number: 213803 DIN: 7248661 DIN: 7248672

Place: Bengaluru, India Place: Bengaluru, India

Date: September 30, 2024 Date: September 30, 2024

65 39
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

2 Summary of material accounting policies the Company’s functional currency. All amounts
Cash or cash equivalent unless If significant parts of an item of property,
have been rounded-off to two decimal places
1) Corporate information restricted from being exchanged or plant and equipment have different useful
to the nearest millions, unless otherwise
used to settle a liability for at least
The standalone financial statements indicated. Functional currency is the currency of lives, then they are accounted for as
twelve months after the reporting year.
comprise financial statements of Fashnear the primary economic environment in which the separate items (major components) of
Technologies Private Limited (the Company) entities forming part of Company operates and All other assets are classified as non-current. property, plant and equipment.
(CIN U74900KA2015PTC082263) for the year ended is normally the currency in which the entities A liability is current when:
March 31, 2024. The Company is a private company forming part of Company primarily generates Subsequent expenditures are capitalized,
domiciled in India on 13 August 2015 under the and expends cash. It is expected to be settled in normal
only when it is probable that future
provisions of Companies Act, 2013 applicable in operating cycle;
India. The registered office of the Company is The Company has prepared the standalone economic benefits associated with the
located at 3rd Floor, Wing-E, Helios Business Park, financial statements on the basis that it will It is held primarily for the purpose expenditure will flow to the Company and
Kadubeesanahalli Village, Varthur Hobli, Outer continue to operate as a going concern. of trading;
the cost of the item can be measured
Ring Road, Bellandur, Bangalore, Bangalore South,
2.2 Summary of material accounting policies It is due to be settled within twelve reliably. All other repairs and maintenance
Karnataka, India, 560103.
months after the reporting year; or are charged to the Statement of Profit and
a) Use of estimates, judgments and
The Company is an application based assumptions Loss during the reporting period in which
There is no unconditional right to
marketplace that connects they are incurred.
The preparation of standalone financial defer the settlement of the liability
a) suppliers and end consumers or statements requires the management for at least twelve months after the
reporting year. An item of property, plant and equipment
to make judgements, estimates and
b) supplier and resellers, enabling resellers assumptions that effect the reported and any significant part initially recognised
to sell products. The Company classifies all other liabilities
amounts of revenues, expenses, assets is derecognised upon disposal or when no
as non-current.
and liabilities and the accompanying future economic benefits are expected from
The standalone financial statements were approved
disclosures, and the disclosure of contingent The operating cycle is the time between the
for issue in accordance with a resolution of the its use or disposal. Any gain or loss arising
liabilities, at the end of the reporting year. acquisition of assets for processing and their
directors on September 30, 2024. on derecognition of the asset (calculated
Although these estimates are based on the realisation in cash and cash equivalents. The
2) Material accounting policies management’s best knowledge of current Company has identified twelve months as its as the difference between the net disposal
events and actions, uncertainty about operating cycle. proceeds and the carrying amount of the
2.1 Statement of compliance and basis of
these assumptions and estimates could asset) is included in the income statement
preparation c) Property, plant and equipment
result in the outcomes requiring a material
when the asset is derecognised.
The standalone financial statements of the adjustment to the carrying amounts of Recognition, measurement and de-
Company have been prepared in accordance assets or liabilities in future years. recognition Depreciation
with Indian Accounting Standards (Ind
AS), notified under the Companies (Indian The estimates and underlying assumptions Items of property, plant and equipment
Depreciation is calculated on cost of items
Accounting Standards) Rules 2015, as are reviewed on an ongoing basis. Revisions are measured at cost less accumulated
of property, plant and equipment less
amended from time to time and presentation to accounting estimates are recognised in depreciation and accumulated impairment
the year in which the estimate is revised if the losses, if any. their estimated residual value over their
requirements of Division II of Schedule III to
the Companies Act, 2013, (Ind AS compliant revision affects only that year, or in the year estimated useful lives using the straight line
Cost of an item of property, plant and
Schedule III), as applicable to the Standalone of the revision and future years if the revision method and is generally recognised in the
equipment comprises its purchase
Financial statements. affects both current and future years. Statement of Profit and Loss. Depreciation
price, including freight, duties and non-
b) Current versus non-current classification refundable purchase taxes, after deducting on additions / disposals is provided on a
The standalone financial statements have been
prepared on the historical cost basis, except for trade discounts and rebates, any directly pro-rata basis i.e. from / upto the date on
The Company presents assets and
the following assets and liabilities which have attributable cost of bringing the item to its
liabilities in the balance sheet based on which asset is ready for use / disposed.
been measured at fair value: working condition for its intended use.
current/ non-current classification. An
asset is treated as current when it is:
Certain financial assets and liabilities
measured at fair value (refer accounting Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:
Expected to be realised or intended
policy regarding financial instruments); to be sold or consumed in normal Useful lives estimated by Useful lives as per Schedule
operating cycle; Asset Category
Share based payments. the management (years) II of the Act (years)

Held primarily for the purpose of trading; Furniture & Fixtures 10 10

These standalone financial statements are Computers & Servers 3-6 3-6
presented in Indian Rupees (INR), which is also Expected to be realised within twelve Office Equipments 2-10 5
months after the reporting year; or Vehicles 4 6-8

67 40
 Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

Improvements to leasehold buildings not and loss unless such expenditure forms amortised on a straight-line basis over If ownership of the right-of-use asset
owned by the Company are amortized part of carrying value of another asset. the estimated useful economic life i.e. 3 transfers to the Company at the end of the
over the lease year or estimated useful life years. All Intangible assets are assessed lease term or the cost reflects the exercise
of such improvements, whichever is lower. An intangible asset is derecognised upon
for impairment whenever there is an of a purchase option, depreciation is
disposal (i.e., at the date the recipient
indication that the intangible asset may calculated using the estimated useful
Depreciation method, useful lives and residual obtains control) or when no future
be impaired. The amortisation year and life of the asset. The right-of-use assets
values are reviewed at each financial year- economic benefits are expected from its
the amortisation method for an intangible are also subject to impairment. Refer
end and adjusted if appropriate. use or disposal. Any gain or loss arising upon
asset with a useful life are reviewed at least to the accounting policies in section (i)
derecognition of the asset (calculated as
The Company, based on technical at the end of each reporting year. Changes Impairment of non-financial assets.
the difference between the net disposal
assessment made by technical expert in the expected useful life or the expected
proceeds and the carrying amount of the
and management estimate, depreciates pattern of consumption of future economic Lease Liabilities
asset) is included in the statement of profit
certain items of building, plant and benefits embodied in the asset are At the commencement date of the lease,
and loss when the asset is derecognised.
equipment over estimated useful lives considered to modify the amortisation year the Company recognizes lease liabilities
which are different from the useful life Research and development costs or method, as appropriate, and are treated measured at the present value of lease
prescribed in Schedule II to the Companies as changes in accounting estimates. payments to be made over the lease
Research costs are expensed as
Act, 2013. The management believes that term. The lease payments include fixed
incurred. Development expenditures on e) Leases payments (including in substance fixed
these estimated useful lives are realistic an individual project are recognised as
and reflect fair approximation of the period The Company assesses at contract payments) less any lease incentives
an intangible asset when the Company
over which the assets are likely to be used. inception whether a contract is or contains receivable, variable lease payments that
can demonstrate:
a lease. That is, if the contract conveys depend on an index or a rate, and amounts
d) Intangible assets The technical feasibility of completing the right to control the use of an identified expected to be paid under residual value
Intangible assets acquired separately are the intangible asset so that the asset asset for a period of time in exchange guarantees. The lease payments also
measured on initial recognition at cost. will be available for use or sale for consideration. include the exercise price of a purchase
The cost of intangible assets acquired in option reasonably certain to be exercised
Its intention to complete and its ability Company as a lessee by the Company and payments of penalties
a business combination is their fair value
at the date of acquisition. Following initial and intention to use or sell the asset The Company applies a single recognition for terminating the lease, if the lease term
recognition, intangible assets are carried and measurement approach for all leases, reflects the Company exercising the option
How the asset will generate future except for short-term leases and leases of to terminate. Variable lease payments that
at cost less any accumulated amortization
economic benefits low-value assets. The Company recognises do not depend on an index or a rate are
and accumulated impairment losses, if any.
Internally generated intangibles, excluding lease liabilities to make lease payments recognised as expenses (unless they are
The availability of resources to
capitalised development costs, are not and right-of-use assets representing the incurred to produce inventories) in the
complete the asset
capitalised and the related expenditure right to use the underlying assets. period in which the event or condition that
is reflected in profit or loss in the period in The ability to measure reliably the triggers the payment occurs.
Right-of-use assets
which the expenditure is incurred. expenditure during development
In calculating the present value of lease
The Company recognises right-of-use
Intangible assets with finite lives are Following initial recognition of the payments, the Company uses its incremental
assets at the commencement date of the
amortised over the useful economic life development expenditure as an borrowing rate at the lease commencement
lease (i.e., the date the underlying asset is
and assessed for impairment whenever asset, the asset is carried at cost less date because the interest rate implicit in the
available for use). Right- of-use assets are
there is an indication that the intangible any accumulated amortisation and lease is not readily determinable. After the
measured at cost, less any accumulated
asset may be impaired. The amortisation accumulated impairment losses. commencement date, the amount of lease
depreciation and impairment losses, and
period and the amortisation method for Amortisation of the asset begins when liabilities is increased to reflect the accretion of
adjusted for any remeasurement of lease
an intangible asset with a finite useful life development is complete, and the asset interest and reduced for the lease payments
liabilities. The cost of right-of-use assets
are reviewed at least at the end of each is available for use. It is amortised over made. In addition, the carrying amount of
includes the amount of lease liabilities
reporting period. Changes in the expected the period of expected future benefit. lease liabilities is remeasured if there is a
recognised, initial direct costs incurred,
useful life or the expected pattern of Amortisation expense is recognised in modification, a change in the lease term, a
and lease payments made at or before
consumption of future economic benefits the statement of profit and loss unless change in the lease payments (e.g., changes
the commencement date less any lease
embodied in the asset are considered to such expenditure forms part of carrying to future payments resulting from a change in
incentives received.
modify the amortisation period or method, value of another asset. During the period an index or rate used to determine such lease
as appropriate, and are treated as changes of development, the asset is tested for Right-of-use assets are depreciated on a payments) or a change in the assessment of
in accounting estimates. The amortisation impairment annually. straight-line basis over the shorter of the an option to purchase the underlying asset.
expense on intangible assets with finite lease term and the estimated useful lives
Intangible assets (other than those Short-term leases and leases of low-value
lives is recognised in the statement of profit of the assets, i.e., 5 years.
acquired in business combination) are assets

69 41
 Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

The Company applies the short-term lease assets in order to collect contractual cash The Company’s financial liabilities includes participant’s ability to generate economic
recognition exemption to its short-term flows and the contractual terms of the trade and other payables. benefits by using the asset in its highest
leases of machinery and equipment (i.e., financial asset give rise on specified dates and best use or by selling it to another
those leases that have a lease term of 12 to cash flows that are solely payments For purposes of subsequent measurement, market participant that would use the
months or less from the commencement of principal and interest on the principal financial liabilities are classified at amortised asset in its highest and best use.
date and do not contain a purchase amount outstanding are measured at cost using the effective interest method.
option). It also applies the lease of amortized cost using effective interest The Company uses valuation techniques
The Company derecognises financial that are appropriate in the circumstances
low-value assets rate (EIR) method. The EIR amortization
liabilities when, and only when, the and for which sufficient data are available
is recognised as finance income in the
recognition exemption to leases of office Company’s obligations are discharged, to measure fair value, maximising the
Statement of Profit and Loss.
equipment that are considered to be low cancelled or have expired. use of relevant observable inputs and
value. Lease payments on short-term The amortised cost is reduced by minimising the use of unobservable inputs.
Offsetting of financial assets and financial
leases and leases of low- value assets are impairment losses. Interest income,
liabilities All assets and liabilities for which fair value
recognised as expense on a straight-line foreign exchange gains and losses
basis over the lease term. and impairment are recognised in the Financial assets and financial liabilities are is measured or disclosed in the standalone
Statement of Profit and Loss. Any gain offset and the net amount presented in financial statements are categorised
f) Financial instruments or loss on derecognition is recognised the balance sheet when, and only when, within the fair value hierarchy, described
A financial instrument is any contract that in the Statement of Profit and Loss. the Company currently has a legally as follows, based on the lowest level
gives rise to a financial asset of one entity enforceable right to set off the amounts input that is significant to the fair value
ii) Financial assets at fair value through and it intends either to settle them on a measurement as a whole:
and a financial liability or equity instrument
profit and loss (FVTPL): net basis or realise the asset and settle the
of another entity.
Level 1 – Quoted (unadjusted) market
liability simultaneously.
Financial assets Financial assets at fair value through prices in active markets for identical
profit or loss are carried in the balance g) Fair value measurement assets or liabilities
The classification of financial assets sheet at fair value with net changes in
at initial recognition depends on the The Company measures financial Level 2 – Valuation techniques for which
fair value recognised in the statement
financial asset’s contractual cash flow instruments at fair value at each Balance the lowest level input that is significant
of profit and loss.
characteristics and the Company’s Sheet date. Fair value is the price that to the fair value measurement is
business model for managing them. This category includes listed equity would be received to sell an asset or directly or indirectly observable
investments which the Company had paid to transfer a liability in an orderly
A financial asset (unless it is a trade not irrevocably elected to classify at transaction between market participants Level 3 – Valuation techniques
receivable without a significant financing fair value through OCI. at the measurement date. for which the lowest level input
component) is initially measured at fair that is significant to the fair value
value plus or minus, in the case of a Derecognition of financial assets The fair value measurement is based measurement is unobservable.
financial asset not at fair value through on the presumption that the transaction
profit or loss, transaction costs that are A financial asset is derecognised only to sell the asset or transfer the liability The Company has set policies and
directly attributable to its acquisition when Company has transferred the rights takes place either: procedures for both recurring and non-
or issue. A trade receivable without a to receive cash flows from the financial recurring fair value measurement of
asset or the rights to receive cash flows In the principal market for the asset financial assets, which includes valuation
significant financing component is initially
from the financial asset have expired. or liability, or techniques and inputs to use for each case.
measured at the transaction price.
Where the entity has transferred an
In the absence of a principal market, For fair value disclosures, the Company has
Subsequent Measurement asset, the Company evaluates whether
in the most advantageous market for determined classes of assets and liabilities
it has transferred substantially all risks
For purposes of subsequent measurement, the asset or liability. based on the nature, characteristics and
and rewards of ownership of the financial
financial assets are classified in asset. In such cases, the financial asset risks of the asset or liability and the level of
The principal or the most advantageous
below categories is derecognised. the fair value hierarchy as explained above.
market must be accessible by the
(i) Financial assets at Amortized cost Company. The fair value of an asset or a This note summarises accounting policy
Financial liabilities:
liability is measured using the assumptions for fair value. Other fair value related
(ii) Financial assets at fair value through Financial liabilities are classified, at initial that market participants would use when disclosures are given in the relevant notes.
profit and loss (FVTPL) recognition, as financial liabilities at fair pricing the asset or liability, assuming
value through profit or loss/ payables, that market participants act in their best Disclosures for valuation methods,
i) Financial assets at Amortized cost: as appropriate. All financial liabilities economic interest. significant estimates and
are recognised initially at fair value and, assumptions (note 2.1)
Financial assets that are held within a
in the case of payables, net of directly A fair value measurement of a non-
business whose objective is to hold these
attributable transaction costs. financial asset takes into account a market

71 42
 Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

Quantitative disclosures of fair value original Effective Interest Rate (EIR). Assets are tested for impairment contract. Revenue is recognized net of any
measurement hierarchy (note 35) When estimating the cash flows, whenever events or changes in taxes collected from customers, which are
an entity is required to consider all circumstances indicate that the remitted to governmental authorities.
Financial instruments (including those contractual terms of the financial carrying amount may not be
carried at amortised cost) (note 35) instrument over the expected life of Revenue recognition for the various
recoverable. An impairment loss
the financial instrument. is recognised for the amount by revenue streams is as follows:
h) Impairment
which the asset’s carrying amount
i) Financial assets ECL impairment loss allowance (or i) Shipping Income
exceeds its recoverable amount. The
reversal) recognised during the period
The Company assesses on a forward- recoverable amount is the higher of an Revenue derived from operating the
is recognised as income/expense in
looking basis, the expected credit asset’s fair value less cost of disposal marketplace is recognized based on
the Statement of Profit and Loss. This
losses associated with its financial and value in use. In assessing value in the terms of the contracts with the
amount is reflected under the head
assets carried at amortised cost for use, the estimated future cash flows suppliers. Revenue is recognised at
‘other expenses’ in the Statement of
e.g., debt securities, deposits, trade are discounted to their present value a point in time upon the delivery of
Profit and Loss.
receivables and bank balances. The using a pre-tax discount rate that goods from the supplier to the end
impairment methodology applied The Balance Sheet presentation reflects current market assessments of consumer or upon the confirmed
depends on whether there has been for various financial instruments is the time value of money and the risks delivery of the returned product to
a significant increase in credit risk described below: specific to the asset. For the purposes the supplier. Revenue from contracts
and if so, assess the need to provide of assessing impairment, assets are with customers is recognised when
for the same in the Statement of Financial assets measured at grouped at the lowest levels for which control of the goods or services are
Profit and Loss. amortised cost and trade receivables: there are separately identifiable cash transferred to the customer at an
ECL is presented as an allowance, i.e., as inflows which are largely independent amount that reflects the consideration
The Company follows ‘simplified an integral part of the measurement of of the cash inflows from other assets to which the Company expects to be
approach’ for recognition of those assets in the Balance Sheet. The or group of assets (cash-generating entitled in exchange for those goods
impairment loss allowance on trade allowance reduces the net carrying units). Impairment loss of non- or services. Revenue also excludes
receivables. The application of amount. Until the asset meets write- financial assets, if any are recognised any amounts collected on behalf of
simplified approach does not require off criteria, the Company does not in the Statement of Profit and Loss. suppliers, any third parties including
the Company to track changes reduce impairment allowance from taxes or duties collected on behalf of
in credit risk. Rather, it recognises the gross carrying amount. i) Revenue recognition
the government. As there is no credit
impairment loss allowance based on Revenue from contracts with customer period given to customers, there is no
lifetime expected credit losses (ECL) For assessing increase in credit risk
financing component in the contract.
at each reporting date, right from its and impairment loss, the Company Company generates revenue from
initial recognition. combines financial instruments based online delivery of goods, advertisements, There are two different types of
on shared credit risk characteristics Assurance services and other platform Shipping Income:
In respect of other financial assets with the objective of facilitating an services. Revenue towards satisfaction of
(eg.: debt securities, deposits, bank analysis that is designed to enable a performance obligation is measured 1. Forward Shipping income is a
balances etc), the Company generally significant increases in credit risk to be at the amount of transaction price (net stream of revenue generated
invests in instruments with high credit identified on a timely basis. of variable consideration) allocated from shipping charges recovered
rating and consequently low credit towards that performance obligation. from customers upon successful
risk. In the unlikely event that the However, in certain cases, the The transaction price of goods sold and delivery of goods. The amount
credit risk increases significantly from Company may also consider a services rendered is net of any taxes of Forward Shipping Income is
inception of investment, lifetime ECL is financial asset to be in default when collected from customers, which is remitted determined based on factors
used for recognising impairment loss internal or external information to government authorities and variable including product weights,
on such assets. indicates that the Company is unlikely consideration on account of discounts delivery zones, and the chosen
to receive the outstanding contractual and schemes offered by the Company. mode of payment. Shipping
Lifetime ECL are the expected credit amounts in full before taking into The transaction price is an amount of charges reflect the logistical and
losses resulting from all possible account any credit enhancements consideration to which the entity expects operational costs associated
default events over the expected life held by the Company. A financial to be entitled in exchange for transferring with transporting goods to
of a financial instrument. ECL is the asset is written off when there is no promised goods or services. their destinations.
difference between all contractual reasonable expectation of recovering
cash flows that are due to the the contractual cash flows. Where performance obligation is satisfied 2. Return shipping income is a stream
Company in accordance with the at a point in time, the company recognizes of revenue that is recovered from
contract and all the cash flows that ii) Non-financial assets revenue when the customer obtains the supplier in case the product is
the entity expects to receive (i.e., all control of promised services in the returned or exchanged by the end
cash shortfalls), discounted at the customer. Return shipping fees are

73 43
 Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

recognised upon the confirmed not responsible for services to these currency are translated at the exchange to interpretation and establishes
delivery of the returned product platform users or does not receive rate at the date of the transaction. provisions, where appropriate. The
to the supplier. The amount consideration from the user. Thereby, Exchange differences are recognised in Company shall reflect the effect of
of Reverse Shipping Income is the Company does not consider the profit or loss, except exchange differences uncertainty for each uncertain tax
determined based on factors user as a customer and hence the arising from the translation of the certain treatment by using either most likely
including product weights, delivery discounts extended to these platform items like equity investments at fair value method or expected value method,
zones, Logistics Carrier, etc. users are recorded as expenses. through OCI are recognised in OCI. depending on which method predicts
better resolution of the treatment.
ii) Mall fees i) Other income In determining the spot exchange rate to
use on initial recognition of the related asset, Advance taxes and provisions for
Mall Fee consists of commission and Interest income is recognised expense or income (or part of it) on the current income taxes are presented
forward shipping charges recovered using the effective interest derecognition of a non-monetary asset or in the balance sheet after offsetting
from the suppliers. Commission is method. Effective interest is the non-monetary liability relating to advance advance tax paid and income tax
charged as a percentage of the sale rate that exactly discounts the consideration, the date of the transaction provision arising in the same tax
price for each successful transaction estimated future cash receipts is the date on which the Company initially jurisdiction and where the relevant tax
made through the mall platform. over the expected life of the recognises the non-monetary asset or non- paying units intends to settle the asset
Forward Shipping Income represents financial instrument or a shorter monetary liability arising from the advance and liability on a net basis.
revenue generated from shipping period, where appropriate, to consideration. If there are multiple payments
charges recovered from suppliers the net carrying amount of the or receipts in advance, the Company (ii) Deferred tax
upon successful delivery of goods. financial asset. Interest income determines the transaction date for each Deferred tax is provided on temporary
is included in other income in payment or receipt of advance consideration. differences between the tax bases of
iii) Advertisement revenue the Statement of Profit and Loss. assets and liabilities and their carrying
Other income primarily comprises k) Income taxes
Advertisement revenue is derived amounts for financial reporting
interest income on fixed deposits, Income tax comprises current and purposes at the reporting date.
principally from the sale of online
certificate of deposits and deferred tax. It is recognised in profit or Deferred tax liabilities and assets are
advertisements which is run on the
changes in fair value and gains/ loss except to the extent that it relates to recognized for all taxable temporary
platform. Revenue from advertising is
(losses) on disposal of financial an item recognised directly in equity or in differences and deductible temporary
recognised as advertisements which
instruments classified as FVTPL. other comprehensive income. differences, except:
are delivered based on the number
of clicks on the online platform of the j) Foreign currency transactions
Company. Due to the short nature of
(i) Current tax when the deferred tax liability
the credit period given to customers, Transactions in foreign currencies are Income tax assets and liabilities are or asset arises from the
translated into INR, the respective functional initial recognition of goodwill
there is no financing component measured at the amount expected
currency of the Company at the exchange or an asset or liability in a
in the contract. to be recovered from or paid to the
rates at the dates of the transactions or an transaction that is not a business
taxation authorities in accordance
iv) Return and RTO Assurance Program average rate if the average rate approximates combination and, at the time of
with the Income-tax Act, 1961 enacted
the actual rate at the date of the transaction. the transaction, affects neither
in India. The tax rates and tax laws used
The Return and RTO Assurance the accounting profit nor taxable
Monetary assets and liabilities denominated to compute the amount are those
Program is a stream of revenue profit or loss; and
in foreign currencies are translated into the that are enacted or substantively
designed to offer sellers a way to
functional currency at the exchange rate enacted, at the reporting date. in respect of taxable temporary
manage and control their return
at the reporting date. Exchange differences Current income tax relating to items differences and deductible
percentages effectively by offering
that arise on settlement of monetary items recognised outside the statement of temporary differences associated
financial predictability and protection
or on reporting at each balance sheet date profit and loss is recognised outside with investments in subsidiary
against unforeseen return-related
of the Company’s monetary items at the the statement of profit and loss (either and associate, when the timing
expenses. The fee charged is a
closing rates are recognised as income or in OCI or in equity in correlation to the of the reversal of the temporary
percentage of the sale revenue for the
expenses in the period in which they arise. underlying transaction). Management differences can be controlled and
respective month and is recognised
periodically evaluates whether it is probable that the temporary
at a point in time.
Non-monetary assets and liabilities that it is probable that the relevant differences will not reverse in the
v) Discounts to Platform users are measured at fair value in a foreign taxation authority would accept an foreseeable future.
currency are translated into the functional uncertain tax treatment that the
The Company provides First order currency at the exchange rate when the Company has used or plan to use Deferred tax assets are recognised
related discounts to the users to fair value was determined. Non-monetary in its income tax filings, including to the extent that it is probable that
promote transactions on its platform. assets and liabilities that are measured with respect to situations in which taxable profit will be available against
For all transactions the Company is based on historical cost in a foreign applicable tax regulations are subject which the deductible temporary

75 44
 Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

differences, and the carry forward of required to settle the present obligation However, when the realisation of income Defined benefit plans
unused tax credits and unused tax at the reporting date. Provisions are is virtually certain, then the related asset is
A defined benefit plan is a post-
losses can be utilized. The carrying determined by discounting the expected not a contingent asset, and the Company
employment benefit plan other than a
amount of deferred tax assets is future cash flows (representing the best recognize such assets.
defined contribution plan. The Company’s
reviewed at each reporting date and estimate of the expenditure required to
Provisions, contingent liabilities and net obligation in respect of defined benefit
reduced to the extent that it is no longer settle the present obligation at the reporting
contingent assets are reviewed at each plans is calculated separately for each plan
probable that sufficient taxable profit date) at a pre-tax rate that reflects current
Balance Sheet date. by estimating the amount of future benefit
will be available to allow all or part of market assessments of the time value of
that employees have earned in the current
the deferred tax asset to be utilised. money and the risk specific to the liability.
m) Retirement and other employee benefits and prior periods, discounting that amount.
Unrecognised deferred tax assets are The unwinding of discount is recognised
re-assessed at each reporting date as finance cost. Expected future operating Short-term employee benefits The Company provides for gratuity, a
and are recognised to the extent it has losses are not provided for. Employee benefits payable wholly within defined benefit plan covering all eligible
become probable that future taxable twelve months of receiving employee services employees. The present value of obligation
profits will allow the deferred tax asset Contingent Liability under such defined benefit plan is
are classified as short-term employee benefits.
to be recovered. Contingent liability is: These benefits include salaries and wages, determined based on actuarial valuation
(a) a possible obligation arising from bonus and ex-gratia. The undiscounted carried at the year-end using the Projected
Deferred tax assets and liabilities are
past events and whose existence will amount of short-term employee benefits to Unit Credit Method, which recognises each
measured at the tax rates that are
be confirmed only by the occurrence be paid in exchange for employee services period of service as giving rise to additional
expected to apply in the year when
or non-occurrence of one or more is recognised as an expense as the related unit of employee benefit entitlement and
the asset is realised or the liability
uncertain future events not wholly service is rendered by employees. measures each unit separately to build
is settled, based on tax rates (and
within the control of the entity or up the final obligation. The obligation is
tax laws) that have been enacted or Compensated absences measured at the present value of the
substantively enacted at the reporting
(b) a present obligation that arises The employees of the Company are estimated future cash flows. The discount
date. Deferred tax relating to items
from past events but is not entitled to compensated absences. rate used for determining the present value
recognised outside the statement of
recognized because; The employees can carry forward a of the obligation under defined benefit
profit and loss is recognised outside
portion of the unutilized accumulating plans, is based on the market yields on
the statement of profit and loss (either it is not probable that an outflow of
compensated absences and utilize it in Government securities as at the balance
in OCI or in equity in correlation to the resources embodying economic
future periods. The Company records an sheet date having maturity periods
underlying transaction). benefits will be required to settle
obligation for compensated absences in approximating the term of the related
the obligation or obligation. Actuarial gains or losses are
Deferred tax assets and deferred the period in which the employee renders
tax liabilities are offset if a legally the services that increases this entitlement. recognized immediately in the Statement
the amount of the obligation cannot
enforceable right exists to set off The obligation is measured on the basis of of Other Comprehensive Income/(Loss).
be measured with sufficient reliability.
current tax assets against current tax an independent actuarial valuation using
The plan provides a lump-sum payment
liabilities and the deferred taxes relate The Company does not recognize a the Projected Unit Credit method as at the
to eligible employees at retirement or on
to the same taxable entity and the contingent liability but discloses the same reporting date.
termination of employment based on the
same taxation authority. as per the requirements of Ind AS 37.
Defined contribution plans salary of the respective employee and the
Contingent Asset
Deferred tax assets are reviewed as at years of employment with the Company.
A defined contribution plan is a post-
each balance sheet date and written Contingent Asset employment benefit plan under which Actuarial gains or losses are recognised in other
down or written up to reflect the A contingent asset is a possible asset an entity pays fixed contributions and will comprehensive income. Remeasurement
amount that is reliably measured. that arises from past events and whose have no legal or constructive obligation comprising actuarial gains or losses are not
existence will be confirmed only by- the to pay further amounts. All eligible reclassified to the Statement of Profit and Loss
l) Provisions, Contingent Liabilities and
occurrence or non-occurrence of one or employees receive benefit from provident in subsequent periods.
Contingent Assets
more uncertain future events not wholly fund, which is a defined contribution plan.
Provisions within the control of the entity. The Company The Company makes specified monthly n) Employee Stock-based payment
A provision is recognised if, as a result of does not recognize the contingent asset contributions towards Government The grant date fair value of equity
a past event, the Company has a present in its standalone financial statements administered provident fund scheme. settled share-based payment awards
obligation that can be estimated reliably, since this may result in the recognition Obligations for contributions to defined granted to employees is recognized as a
and it is probable that an outflow of of income that may never be realised. contribution plans are recognised as an compensation expenses relating to share-
economic benefits will be required to settle Where an inflow of economic benefits is employee benefit expense in profit or loss based payments in the Statement of Profit
the obligation. Provisions are recognised probable, the Company disclose a brief in the periods during which the related and Loss using fair value in accordance
at the best estimate of the expenditure description of the nature of contingent services are rendered by employees. with Ind AS 102 Share Based Payment.
assets at the end of the reporting period.

77 45
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

These Employee Stock Options Scheme No expense is recognised for awards For the purpose of calculating diluted result in outcomes that require a material
granted are measured by reference to that do not ultimately vest because non- earnings per share, the net profit or loss for adjustment to the carrying amount of assets
the fair value of the instrument at the date market performance and/or service the year attributable to equity shareholders or liabilities affected in future periods.
of the grant. The expense is recognised conditions have not been met. Where of the Company and the weighted average
in the Statement of Profit and Loss with a awards include a market or non-vesting number of shares outstanding during the Other disclosures relating to the Company’s
corresponding increase in the Deemed condition, the transactions are treated as year are adjusted for the effects of all exposure to risks and uncertainties includes:
capital contribution, a component of equity. vested irrespective of whether the market dilutive potential equity shares.
Capital management (Note 35)
The equity instruments generally vest in a or non-vesting condition is satisfied,
graded manner over the vesting period. provided that all other performance and/ q) Segment Reporting
Financial risk management objectives
The fair value determined at the grant date or service conditions are satisfied. Operating segments are identified as those and policies (Note 35)
is expensed over the vesting period of the components of the Company (a) that engage
respective tranches of such grants. When the terms of an equity-settled in business activities to earn revenues and Sensitivity analysis disclosures
award are modified, the minimum expense incur expenses (including transactions with (Notes 27 and 35)
The cost of equity-settled transactions recognised is the expense had the terms any of the Company’s other components (b)
is determined by the fair value at the had not been modified, if the original The Company bases its assumptions and
whose operating results are regularly reviewed
date when the grant is made using an terms of the award are met. An additional estimates on parameters available when
by the Company’s Chief Executive Officer to
appropriate valuation model. That cost is expense is recognised for any modification the Standalone Financial Statements are
make decisions about resource allocation and
recognised, together with a corresponding that increases the total fair value of the prepared. Existing circumstances and
performance assessment and (c) for which
increase in deemed contribution, over the share-based payment transaction or is assumptions about future developments,
discrete financial information is available.
year in which the performance and/or otherwise beneficial to the employee as however, may change due to market
The accounting policies consistently used in
service conditions are fulfilled in employee measured at the date of modification. changes or circumstances arising that are
the preparation of the standalone financial
benefits expense. The cumulative expense beyond the control of the Company. Such
statements are also applied to record revenue
recognised for equity-settled transactions For cancelled options, the payment made changes are reflected in the assumptions
and expenditure in individual segments.
at each reporting date until the vesting to the employee shall be accounted for when they occur. The judgements, estimates
date reflects the extent to which the vesting as a deduction from equity, except to These activities of the Company are reviewed and assumptions management has made
year has expired and the Company’s the extent that the payment exceeds the regularly by the chief operating decision maker which have the most significant effect on
best estimate of the number of equity fair value of the equity instruments of from an overall business perspective, rather than the amounts recognized in the standalone
instruments that will ultimately vest. The the Holding company, measured at the reviewing its products/services as individual financial statements are as below:
statement of profit and loss expense or cancellation date. Any such excess from standalone components and therefore subject
the fair value of equity instrument shall be Leases
credit for a year represents the movement to the same risk and reward and accordingly
in cumulative expense recognised as at recognised as an expense. falls within single business segment. The Company determines the lease term as
the beginning and end of that year and is non-cancellable term of the lease, together
o) Cash and cash equivalents r) Cash flow statement
recognised in employee benefits expense. with any periods covered by an option to
Cash and cash equivalent in the balance sheet Cash flows are reported using the indirect extend the lease if it is reasonably certain
Service and non-market performance comprise cash at banks and on hand and to be exercised, or any periods covered
method, whereby profit / loss for the period is
conditions are not taken into account when short-term deposits with an original maturity by an option to terminate the lease, if it
adjusted for the effects of transactions of a non-
determining the grant date fair value of of three months or less, which are subject to is reasonably certain not to be exercised.
cash nature, any deferrals or accruals of past
awards, but the likelihood of the conditions an insignificant risk of changes in value. The Company applies judgement and
or future operating cash receipts or payments
being met is assessed as part of the considers all relevant factors that create
For the purpose of the statement of cash and item of income or expenses associated
Company’s best estimate of the number an economic incentive in evaluating
flows, cash and cash equivalents consist of with investing or financing cash flows. The
of equity instruments that will ultimately whether it is reasonably certain to exercise
cash and short-term deposits, as defined cash from operating, investing and financing
vest. Market performance conditions are the option to renew or terminate the
above, net of outstanding bank overdrafts activities of the Company are segregated.
reflected within the grant date fair value. lease. After the commencement date,
Any other conditions attached to an (if any) as they are considered an integral s) Significant accounting judgements, the Company reassesses the lease term
award, but without an associated service part of the company’s cash management. estimates and assumptions if there is a significant event or change
requirement, are considered to be non- in circumstances that is within its control
p) Earnings per share / loss per share The preparation of the standalone financial
vesting conditions. Non-vesting conditions and affects its ability to exercise or not to
statements requires management to make
are reflected in the fair value of an award Basic earnings per share are calculated
judgements, estimates and assumptions exercise the option to renew or terminate.
and lead to an immediate expensing of an by dividing the net profit or loss for the
that affect the reported amounts of revenues, In calculating the present value of lease
award unless there are also service and/or year attributable to equity shareholders
expenses, assets and liabilities, and the payments, the Company uses internal
performance conditions. (after deducting preference dividends
accompanying disclosures, and the disclosure rate of return for the assets which were
and attributable taxes) by the weighted
of contingent liabilities. Uncertainty about earlier classified under finance lease
average number of equity shares
these assumptions and estimates could and incremental borrowing rate (IBR)
outstanding during the year.

79 46
 Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

for Right of use assets at the lease the determination of the discount rate, volatility. Changes in assumptions about
commencement date. expected return, future salary increases these factors could affect the reported fair
and mortality rates. Due to the complexities value of financial instruments."
The IBR is the rate of interest that the involved in the valuation and its long-
Company would have to pay to borrow term nature, a defined benefit obligation t) New and amended standards
over a similar term, and with a similar is highly sensitive to changes in these The Ministry of Corporate Affairs has
security, the funds necessary to obtain an assumptions. All assumptions are reviewed notified Companies (Indian Accounting
asset of a similar value to the right-of-use at each reporting date. Standards) Amendment Rules, 2023 dated
asset in a similar economic environment.
March 31, 2023 to amend the following
The parameter most subject to change
The IBR requires estimation when no Ind AS which are effective for annual
is the discount rate. In determining the
observable rates are available or when periods beginning on or after 1 April 2023.
appropriate discount rate for plans operated
they need to be adjusted to reflect The Company applied for the first-time
in India, the management considers
the terms and conditions of the lease. these amendments.
the interest rates of government bonds
The Company estimates the IBR using where remaining maturity of such bond Disclosure of Accounting Policies -
observable inputs (such as market interest correspond to expected term of defined Amendments to Ind AS 1
rates), when available and makes entity- benefit obligation. The mortality rate is
specific estimates, wherever required. based on publicly available mortality tables. The amendments aim to help entities
Those mortality tables tend to change only provide accounting policy disclosures
Impairment of financial assets that are more useful by replacing the
at interval in response to demographic
The measurement of expected credit loss changes. Future salary increases are based requirement for entities to disclose their
reflects a probability-weighted outcome, on expected future inflation rates. ‘significant’ accounting policies with a
the time value of money and the best requirement to disclose their ‘material’
available forward- looking information. The Share-based payments accounting policies and adding guidance
correlation between historical observed Estimating fair value for share- on how entities apply the concept of
default rates, forecast economic conditions based payment transactions requires materiality in making decisions about
and expected credit loss is a significant determination of the most appropriate accounting policy disclosures.
estimate. The amount of expected valuation model, which is dependent on
credit loss is sensitive to changes in The amendments have had an impact
the terms and conditions of the grant.
circumstances and forecasted economic on the Company’s disclosures of
This estimate also requires determination
conditions. The Company’s historical credit accounting policies, but not on the
of the most appropriate inputs to the
loss experience and forecast of economic measurement, recognition or presentation
valuation model including the expected
conditions may not be representative of of any items in the Company’s standalone
life of the share option, volatility and
the actual default in the future. financial statements.
dividend yield and making assumptions
about them. The assumptions and
Tax contingencies and provisions
models used for estimating fair value for
Significant management judgement is share-based payment transactions are
required to determine the amounts of tax disclosed in Note 31.
contingencies and provisions, including
amount expected to be paid/recovered for Fair value measurement of financial
uncertain tax positions and the amount of instruments
deferred tax assets that can be recognised, When the fair values of financial assets
based upon the likely timing and the level and financial liabilities recorded in the
of future taxable profits together with future Standalone Financial Statements cannot
tax planning strategies. be measured based on quoted prices in
active markets, their fair value is measured
Defined benefit plans
using internal valuation techniques. The
The cost of the defined benefit plan and inputs to these models are taken from
the present value of the obligation are observable markets where possible, but
determined using actuarial valuation. where this is not feasible, a degree of
An actuarial valuation involves various judgement is required in establishing fair
assumptions that may differ from actual values. Judgements include considerations
developments in the future. These include of inputs such as liquidity risk, credit risk and

81 47
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

3 (A) Property, Plant and Equipment and Right-of-use Assets 5 Intangible assets under development
Intangible assets under development as at March 31, 2024 and March 31, 2023 comprise of business application
Right-of-use
Property, plant and equipment development cost. Management is of the view that this intangible asset have satisfied technological and economic
assets
feasibility and also significant future economic benefits are expected to arise from this product.
Furniture
Office Computers and Leasehold Office
and Vehicles Total The movement in account balance during the year is as follow:
equipment accessories improvements Building
fixtures
Gross Carrying value Amount
At 1 April 2022 4.05 35.36 313.98 6.43 - 359.82 35.30 Cost
Additions 0.98 1.27 140.13 8.71 - 151.09 186.45 At 1 April 2022 -
Disposals (2.96) (21.69) (68.51) (2.14) - (95.30) - Additions 217.21
At March 31, 2023 2.07 14.94 385.60 13.00 - 415.61 221.75 Capitalised (199.87)
Additions 123.47 104.18 26.35 - 176.25 430.25 719.84 At March 31, 2023 17.34
Disposals (0.24) (0.99) (28.93) (10.29) - (40.45) (221.73) Additions -
At March 31, 2024 125.30 118.13 383.02 2.71 176.25 805.41 719.86 Capitalised (17.34)
Accumulated At March 31, 2024 -
depreciation
At 1 April 2022 0.27 5.21 98.35 1.38 - 105.21 1.36 The ageing of Intangible assets under development is as below:
Charge for the year 0.32 9.41 115.83 10.14 - 135.70 110.22
Disposals (0.35) (8.12) (47.61) (0.44) - (56.52) - Less than More than
1-2 years 2-3 years Total
At March 31, 2023 0.24 6.50 166.57 11.08 - 184.39 111.58 1 year 3 years
Charge for the year 2.81 9.25 110.67 1.47 8.64 132.84 224.12 As at March 31, 2024
Disposals (0.09) (0.17) (24.14) (10.25) - (34.65) (196.95) Projects in progress - - - - -
At March 31, 2024 2.96 15.58 253.10 2.30 8.64 282.58 138.75 Projects temporarily suspended - - - - -
Net book value Total - - - - -
At March 31, 2023 1.83 8.44 219.03 1.92 - 231.22 110.17 As at March 31, 2023
At March 31, 2024 122.34 102.55 129.92 0.41 167.61 522.83 581.11 Projects in progress 17.34 - - - 17.34
Projects temporarily suspended - - - - -
3(b) There are no capital work-in-progress as at March 31, 2024 and March 31, 2023. Total 17.34 - - - 17.34

4 Intangible assets There are no projects which exceeded cost compared to its original plan as on March 31, 2024 and March 31, 2023.

Business
Software application Total 6 Investments
development cost
Non-Current investments* Current investments
Cost As at As at As at As at
At 1 April 2022 93.86 - 93.86 March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Additions 11.50 199.87 211.37
(i) Investment carried at amortized cost
Disposals - - -
a. Investment in Bonds/Commercial papers
At March 31, 2023 105.36 199.87 305.23
(Quoted)
Additions 3.04 17.34 20.38
500 (March 31, 2023: 500) units of - 518.27 525.90 -
Disposals (9.97) - (9.97)
At March 31, 2024 98.43 217.21 315.64 5.78% NTPC Limited
Amortisation 550 (March 31, 2023: 550) units of - 588.17 580.01 -
At 1 April 2022 33.33 - 33.33 9.17% NTPC Limited
Charge for the year 31.57 20.96 52.53 Nil (March 31, 2023: 250) units of 5.40% Bajaj - - - 263.12
Disposals - - - Finance Limited
At March 31, 2023 64.90 20.96 85.86 Nil (March 31, 2023: 250) units of 7.57% Aditya - - - 268.01
Charge for the year 27.81 196.25 224.06 Birla Finance Limited
Disposals (9.89) - (9.89) Nil (March 31, 2023: 250) units of 6.15% Aditya - - - 251.02
At March 31, 2024 82.82 217.21 300.03 Birla Finance Limited
Net book value Nil (March 31, 2023: 650) units of 6.68% HDB - - - 665.58
At March 31, 2023 40.46 178.91 219.37 Financial Services Limited
At March 31, 2024 15.61 - 15.61 Nil (March 31, 2023: 750) units of 7.29% HDB - - - 786.42
Financial Services Limited

83 48
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

6 Investments (Contd..) 6 Investments (Contd..)

Non-Current investments* Current investments Non-Current investments* Current investments
As at As at As at As at As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Nil (March 31, 2023: 500) units of 5.00% Bajaj - - - 507.65 Nil (March 31, 2023: 150) units of 5.49% Kotak - - - 151.31
Housing Finance Limited Mahindra Prime Limited
Nil (March 31, 2023: 250) units of 5.70% Bajaj - - - 256.96 Nil (March 31, 2023: 250) units of 5.14% NABARD - - - 247.25
Finance Limited Nil (March 31, 2023: 250) units of 5.14% NABARD - - - 247.21
Nil (March 31, 2023: 250) units of 5.40% Housing - - - 257.43 Nil (March 31, 2023: 250) units of 5.53% NABARD - - - 247.02
Development Finance Corporation Ltd Nil (March 31, 2023: 150) units of 8.25% IRFC - - - 156.61
Nil (March 31, 2023: 250) units of 9.08% LIC - - - 263.18 Nil (March 31, 2023: 200) units of 8.70% PGC - - - 212.84
Housing Finance Limited Nil (March 31, 2023: 500) units of 6.40% NABARD - - - 518.91
Nil (March 31, 2023: 250) units of 9.08% LIC - - - 262.98 - 1,106.44 1,105.91 13,763.67
Housing Finance Limited b. Investment in Certificate of Deposits
Nil (March 31, 2023: 250) units of 5.50% Kotak - - - 255.96 (Unquoted)
Mahindra Prime Limited 6.70% Bajaj Finance Ltd FD 15M Cum Opt - - - 526.52
Nil (March 31, 2023: 250) units of 5.50% Kotak - - - 255.94 6.90% Bajaj Finance Ltd FD 14M Cum Opt - - - 833.88
Mahindra Prime Limited 6.95% Bajaj Finance Ltd FD 14M Cum Opt - - - 156.26
Nil (March 31, 2023: 500) units of 5.40% Housing - - - 514.52 7.40% HDFC Ltd FD 12M Cum Opt - - - 518.04
Development Finance Corporation Ltd - - - 2,034.70
Nil (March 31, 2023: 500) units of 5.00% Bajaj - - - 507.60 c. Investments in Tata AIA Unit Linked - - - 1.87
Housing Finance Limited Insurance Plan (Unquoted)
Nil (March 31, 2023: 250) units of 5.00% Bajaj - - - 253.91 (ii) Investment carried at fair value through
Housing Finance Limited profit and loss
Nil (March 31, 2023: 200) units of 5.50% Kotak - - - 204.35 Investment in Mutual Funds (Quoted)
Mahindra Prime Limited Nil (March 31, 2023:8,606,750) units of Nippon India - - - 1,035.94
Nil (March 31, 2023: 500) units of 9.08% LIC - - - 525.82 Overnight Fund - Direct Growth Plan
Housing Finance Limited Nil (March 31, 2023:40,590,229) units of IDFC Low - - - 1,359.02
Nil (March 31, 2023: 250) units of 6.68% HDB - - - 255.94 Duration Fund - Growth - Direct Plan
Financial Services Limited 764,544 (March 31, 2023:1,040,281) units - - 260.55 328.93
Nil (March 31, 2023: 250) units of 6.68% HDB - - - 256.01 of Aditya Birla Sun Life Money Manager
Financial Services Limited Fund - Growth - Direct Plan
Nil (March 31, 2023: 250) units of 5.00% Bajaj - - - 253.91 Nil (March 31, 2023: 183,339) units of HDFC Money - - - 902.34
Housing Finance Limited Market Fund - Direct Plan - Growth Option
Nil (March 31, 2023: 350) units of 5.50% Kotak - - - 359.03 47,823 (March 31, 2023: Nil) units of HDFC Overnight - - 169.92 -
Mahindra Prime Limited Fund - Direct Plan - Growth Optin
Nil (March 31, 2023: 2000) units of Mahindra & - - - 971.07 1,077,695 (March 31, 2023: Nil) units of Axis Liquid - - 2,892.23 -
Mahindra Financial Services Ltd Fund - Direct Growth - CFDG
Nil (March 31, 2023: 250) units of 5.00% Bajaj - - - 253.90 - - 3,322.70 3,626.23
Housing Finance Limited Total Investments - 1,106.44 4,428.61 19,426.47
Nil (March 31, 2023: 3500) units of Tata Capital - - - 1,697.55
Financial Services Limited
Nil (March 31, 2023: 250) units of 9.08% LIC - - - 262.76 As at As at
Housing Finance Limited March 31, 2024 March 31, 2023
Nil (March 31, 2023: 250) units of 5.00% Bajaj - - - 253.71
Aggregate book value of quoted investments 4,428.61 18,496.34
Housing Finance Limited
Aggregate Market value of quoted investments: Current 4,428.61 17,389.90
Nil (March 31, 2023: 250) units of 5.50% Kotak - - - 253.50
Aggregate Market value of quoted investments: Non - Current - 1,106.44
Mahindra Prime Limited
Aggregate amount of unquoted investments - 2,036.57
Nil (March 31, 2023: 500) units of 5.00% Bajaj - - - 507.51
* The Company has incorporated two entities namely Meesho Grocery Private Limited and Meesho Technologies Private Limited on 18 March 2024
Housing Finance Limited
and 22 March 2024 respectively. However, the infusion of share capital has been made subsequently during FY 2024-2025.
Nil (March 31, 2023: 100) units of 5.00% Bajaj - - - 101.46
Housing Finance Limited
Nil (March 31, 2023: 250) units of 5.10% Bajaj - - - 255.72
Housing Finance Limited

85 49
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

7 Bank Balances Other than Cash and Cash Equivalents 10 Other Assets

As at As at As at As at
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Non-current Non-current
Balances with banks on deposit accounts with 8,114.77 5,750.00 Prepaid expense - 233.64
remaining maturity more than twelve months Balances with Government authorities - 2,258.04
8,114.77 5,750.00 - 2,491.68
Current Current
Balances with banks on deposit accounts with 16,482.70 560.20 Advances to suppliers 112.80 662.55
remaining maturity less than twelve months^ Prepaid expenses 149.78 495.94
16,482.70 560.20 Balances with Government authorities 2,031.92 1,465.92
2,294.50 2,624.41
^Amount of lien marked on deposits against Guarantees issued is INR 442.45 Millions as at March 31, 2024 (INR 490 Millions as at March 31, 2023)

8 Other Financial Assets 11 Trade Receivables

(Financial assets at amortised cost)
As at As at
March 31, 2024 March 31, 2023 As at As at
Non-current March 31, 2024 March 31, 2023
Unsecured, considered good Trade receivables considered good - unsecured - 3.96
Security deposits 62.81 1.45 Trade receivables which have significant increase in credit risk - -
62.81 1.45 Trade receivables - credit impaired 402.37 345.80
Current 402.37 349.76
Unsecured, considered good Less: Loss allowance (402.37) (345.80)
Marketplace related receivables 2,651.54 1,437.55 Total Trade receivables - 3.96
Interest accrued on deposits 1,547.35 110.51
Receivable from related parties (refer note 29 and 31)* 1,805.34 14.37 (a) Trade receivables are non-interest bearing and are generally on terms upto 30 days.
Security deposits 29.70 50.29
Others ** - 110.00 (b) There are no debts due from directors or other officers of the Company or any of them either severally or jointly
6,033.93 1,722.72 with any other person or from firms or private companies, respectively, in which any director is a partner or a
Unsecured, considered doubtful director or a member.
Marketplace related receivables 83.05 31.13
Security deposits 10.80 10.80 (c) Trade receivables ageing schedule:
Less: Allowance for doubtful balances (93.85) (41.93)
Unbilled Less than 6 months 1-2 2-3 More than
- - Total
receivables 6 months 1 year years years 3 years
6,033.93 1,722.72
* Includes INR 1,709.52 million receivable for year ended March 31, 2024 from Holding Company pertaining to buy back of employee stock options
March 31, 2024
by the Holding Company. Refer note 31. Undisputed Trade receivables – - - - - - - -
** This pertains to redemption from Aditya Birla Sunlife Mutual Fund received on 3 April 2023
considered good
Undisputed Trade receivables – - - - - - - -
which have
9 Income Tax Assets significant increase in credit risk
Undisputed Trade receivables – - 43.44 69.95 120.85 168.13 - 402.37
As at As at
credit impaired
March 31, 2024 March 31, 2023
- 43.44 69.95 120.85 168.13 - 402.37
Non-current Less: Loss allowance - (43.44) (69.95) (120.85) (168.13) - (402.37)
Tax deducted at source 404.28 265.39 Total - - - - - - -
404.28 265.39 March 31, 2023
Undisputed Trade receivables – - 3.96 - - - - 3.96
considered good

87 50
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

11 Trade Receivables (Contd..) 14 Equity Share Capital (Contd..)

Unbilled Less than 6 months 1-2 2-3 More than

(a) Reconciliation of shares outstanding at the beginning and at the end of the year
Total
receivables 6 months 1 year years years 3 years
As at March 31, 2024 As at March 31, 2023
Undisputed Trade receivables – - - - - - - - Nos. Amount Nos. Amount
which have
Equity shares of Re. 1 each, fully paid-up
significant increase in credit risk
At the beginning of the year 7,83,49,851 78.35 6,24,80,247 62.48
Undisputed Trade receivables – - 293.29 15.59 14.70 22.22 - 345.80
Issued during the year - - 1,58,69,604 15.87
credit impaired At the end of the year 7,83,49,851 78.35 7,83,49,851 78.35
- 297.25 15.59 14.70 22.22 - 349.76
Less: Loss allowance - (293.29) (15.59) (14.70) (22.22) - (345.80) (b) Terms/rights attached to equity shares
Total - 3.96 - - - - 3.96
The Company has only one class of equity share, having a par value of Re. 1 per share. Each holder of Equity share
There are no disputed trade receivables as at March 31, 2024 and March 31, 2023. is entitled to one vote per share and receive dividends as declared from time to time. In the event of liquidation
of the Company, the holders of the equity shares will be entitled to receive any of the remaining assets of the
Company, after distribution of all preferential amount, if any. In the event of liquidation, the equity shareholders are
12 Cash and Cash Equivalents
eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion
As at As at to their shareholding.
March 31, 2024 March 31, 2023
(c) Details of shareholding in the Company (including shareholders holding more than 5% shares
Balances with banks in the Company)
- On current accounts 616.29 952.24
- Deposits with original maturity of less than three months 750.00 - As at March 31, 2024 As at March 31, 2023
Cash on hand - - % holding % holding
Nos. Nos.
1,366.29 952.24 in the class in the class
Equity shares of Re.1 each, fully paid-up
13 Loans Meesho Inc. (Holding Company 7,83,49,850 99.99% 7,83,49,850 99.99%

As at As at (d) Details of equity shares of Re. 1 each fully paid up, held by promoters
March 31, 2024 March 31, 2023
No. of shares at Change No. of shares % change
Current % of total
the beginning during the at the end of during the
Unsecured, considered good shares
of the year year the year year
Advance to employees 19.69 50.13
19.69 50.13 March 31, 2024
Meesho Inc. (Holding Company) 7,83,49,850 - 7,83,49,850 99.99% -
(a) There are no advances to directors or officers of the Company or any of them either severally or jointly with March 31, 2023*
any other person or advance to firm or private companies in which any director is a partner or a director or a Meesho Inc. (Holding Company) 6,24,80,246 1,58,69,604 7,83,49,850 99.99% 25%
member, respectively. *Pursuant to a Board Resolution dated 20 October 2023, basis legal opinion and in light of the facts and applicable provisions of the
Companies Act, 2013, the Company concluded that Mr. Vidit Aatrey should not 'have been classified as the Promoter of the Company and
(b) There are no loans or advances in the nature of loans granted to promoters, directors, key managerial personnel that Meesho Inc. is the sole Promoter of the Company. Accordingly, the Company has updated above disclosure to reflect this change in
or related parties, which are outstanding as at March 31, 2024 and as at March 31, 2023. the previous year.

(e) There are no equity shares issued as bonus, shares issued for consideration other than cash and shares bought
14 Equity Share Capital back during the period of five years immediately preceding the balance sheet date.

As at As at (f) For details of shares reserved for issue under the Employee share based payment of the company, please refer
March 31, 2024 March 31, 2023 note 31.

Authorised shares Capital

100,000,000 (March 31, 2023:100,000,000) equity shares of Re. 1 each 100.00 100.00
100.00 100.00
Issued, subscribed and fully paid-up
78,349,851 (March 31, 2023: 78,349,851) equity shares of Re. 1 each 78.35 78.35
78.35 78.35

89 51
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

15 Other Equity 17 Trade payables

(Carried at amortised cost)
As at As at
March 31, 2024 March 31, 2023
As at As at
Share application money pending allotment [Refer Note (a) below] March 31, 2024 March 31, 2023
Balance at the beginning of the year - 2,273.70
Total outstanding dues of micro enterprises and 615.78 143.71
Issue of shares during the year - (2,273.70)
small enterprises (‘MSME’) (refer Note 30)
Balance at the end of the year - -
Total outstanding dues of creditors other than micro enterprises and 7,921.96 8,145.92
Employee share based payment reserve (Holding Company Plan)
small enterprises
[Refer Note (b) below]
8,537.74 8,289.63
Balance at the beginning of the year 3,581.96 2,523.94
Share based payment expense (Refer note 22) 2,516.27 1,058.02 (a) Trade payables are non-interest bearing and are generally settled up to 30 days
Balance at the end of the year 6,098.23 3,581.96
Securities premium (b) Trade payables ageing schedule
Balance at the beginning of the year 76,465.91 41,459.04
Premium on issue of shares during the year - 35,009.39 Outstanding for following periods from due
Transaction costs on issue of equity shares - (2.52) date of payment
Unbilled Not due Total
Balance at the end of the year 76,465.91 76,465.91 Less than More than
1-2 years 2-3 years
Retained earnings 1 year 3 years
Balance at the beginning of the year (58,353.10) (41,592.55) March 31, 2024
Loss for the year (3,049.56) (16,750.13) MSME 345.00 220.73 49.31 0.73 0.01 - 615.78
Other comprehensive income/(loss) for the year (3.96) (10.42) Others 5,309.47 2,144.79 461.77 4.28 1.65 - 7,921.96
Balance at the end of the year (61,406.62) (58,353.10) Disputed dues - MSME - - - - - - -
Total other equity 21,157.52 21,694.77 Disputed dues - Others - - - - - - -
5,654.47 2,365.52 511.08 5.01 1.66 - 8,537.74
(a) The Company had received share application money of INR 2,273.70 Millions during the year ended March 31,
March 31, 2023 107.71 23.39 12.61 - - - 143.71
2022 from its Holding Company. The Company had sufficient authorised share capital to cover the share capital
MSME 5,837.97 1,640.37 637.32 30.07 0.19 - 8,145.92
amount on allotment of shares out of share application money and subsequently during the year ended March
Others - - - - - - -
31, 2023, the Company has allotted equity shares. These equity shares have same terms/rights as included in Disputed dues - MSME - - - - - - -
Note 14(b) above. Disputed dues - Others 5,945.68 1,663.76 649.93 30.07 0.19 - 8,289.63

(b) The Company recognises grant date fair value of options issued to employees of the Company by the Holding
Company over their vesting period. Refer note 31 for details.
18 Other Financial Liabilities
16 Provisions (Financial liabilities at amortised cost)
As at As at
March 31, 2024 March 31, 2023
As at As at
Non-current March 31, 2024 March 31, 2023
Provision for employee benefits 142.96 114.92
Current
Gratuity (refer note 27) 142.96 114.92
Marketplace related payables 6,832.44 4,418.01
Current
Employee benefits payable* 1,099.87 84.55
Provision for employee benefits
Gratuity (refer note 27) 15.50 5.20 Payable for capital goods 80.81 -
Compensated absences 75.99 208.41 Security deposits payable 292.82 26.03
91.49 213.61 8,305.94 4,528.59
*includes INR 1,054.11 (March 31, 2023 : Nil) payable to employees for employee share based options bought back by the Holding Company. Refer note 31.

19 Other Current Liabilities

As at As at
March 31, 2024 March 31, 2023
Statutory dues payable 1,290.42 496.52
1,290.42 496.52

91 52
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

20 Revenue from Operations 24 Depreciation and Amortisation Expense

For the year ended For the year ended For the year ended For the year ended
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Revenue from contract with customers Depreciation on property, plant and equipment (refer note 3(a)) 132.84 135.70
Sale of services* 76,149.48 57,345.19 Amortisation of intangible assets (refer note 4) 224.06 52.53
76,149.48 57,345.19 Depreciation on Right-of-use assets (refer note 3(a)) 224.12 110.22
* All the services provided during the year has been rendered at a point of time. 581.02 298.45

21 Other Income 25 Other Expenses

For the year ended For the year ended For the year ended For the year ended
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Finance income Logistics and fulfilment expense 59,268.38 48,167.87
Interest income on bank deposits, bonds and certificate of deposits 1,872.00 867.39 Advertising and sales promotion 4,592.90 9,278.00
Interest income on security deposits (unwinding of discounting impact) 4.80 0.98 Communication expenses 2,077.17 2,236.59
Support services to related party (refer note 29) - 7.64 Server and software tools expenses 5,754.44 5,674.04
Profit on sale of current investments, net 289.09 513.81 Contracted manpower 794.65 905.54
Liabilities no longer required, written back 62.96 27.52 Payment gateway charges 211.07 120.32
Interest on income tax refund 9.70 3.32 Rent (refer note 32) 61.30 13.13
Net gain on disposal of property, plant and equipment 1.69 - Legal and professional fees 248.40 462.59
Fair value gain on investments at fair value through profit and loss 14.33 114.81 Recruitment expenses 17.09 81.28
Other non operating income 47.15 12.14 Allowance for doubtful balances 108.49 250.81
2,301.72 1,547.61 Payment to auditors (refer note (a) below) 9.30 6.81
Bad debts written off - 8.68
Miscellaneous expenses 207.92 862.09
22 Employee Benefits Expense 73,351.11 68,067.75

For the year ended For the year ended (a) Payment to auditors (excluding taxes)
March 31, 2024 March 31, 2023
For the year ended For the year ended
Salaries, wages and bonus 4,768.16 5,906.26
March 31, 2024 March 31, 2023
Contribution to provident and other funds (refer note 27) 75.29 96.53
Gratuity expenses (refer note 27) 44.53 46.94 Statutory audit fee 6.00 6.81
Employee share based payment expense 2,516.27 1,058.02 Limited review fee 1.50 -
Staff welfare expenses 100.66 155.60 Other services 1.80 -
7,504.91 7,263.35 9.30 6.81

(b) As per section 135 of the Companies Act 2013, a company having net worth of rupees five hundred crore or more
23 Finance Costs or turnover of rupees one thousand crore or more or net profit of rupees five crore or more during immediately
preceding financial year ("threshold"), needs to spend at least 2% of its average net profit for the immediately
For the year ended For the year ended preceding three financial years on corporate social responsibility (CSR) activities. The Company has incurred
March 31, 2024 March 31, 2023 losses and hence the requirement to spend on CSR as per the said section is not applicable to the Company.
Interest on lease liabilities (refer note 32) 57.72 13.38
Interest expense (others) 6.00 -
63.72 13.38
26 Earnings/(loss) Per Share (EPS)
Basic EPS amounts are calculated by dividing the profit for the year attributable to equity holders of the Company by
the weighted average number of equity shares outstanding during the year.

Diluted EPS amounts are calculated by dividing the profit attributable to equity holders of the Company by the weighted
average number of equity shares outstanding during the year plus the weighted average number of equity shares that
would be issued on conversion of all the dilutive potential equity shares into equity shares.

93 53
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

26 Earnings/(loss) Per Share (EPS) (Contd..) 27 Employee Benefit Plans (Contd..)

The following reflects the loss and share information used in the basic and diluted EPS computations: Net employee benefit expense (recognised in employee benefit expense in the statement of profit and loss)

For the year ended For the year ended March 31, 2024 March 31, 2023
March 31, 2024 March 31, 2023 Current service cost (recognised in employee benefits expense) 37.31 44.59
Interest cost on benefit obligation 7.22 3.42
Loss for the year for calculation of basic/diluted EPS* (3,049.56) (16,750.13) (recognised in employee benefits expense)
Weighted average number of equity shares in calculating Basic/Diluted EPS Capitalised towards business application development cost - (1.07)
Equity shares of share Re.1 each 7,83,49,851 7,43,17,900 44.53 46.94
Basic / Diluted EPS (38.92) (225.38)
Re-measurement gain/(loss) recognised in other comprehensive income
*The impact of employee stock options is not included in computation of weighted average number of equity shares as the same is anti-dilutive.

March 31, 2024 March 31, 2023

27 Employee Benefit Plans Actuarial gain/(loss)
(a) Defined contribution plan Changes in financial assumptions 0.69 (22.71)
Changes in demographic assumptions - 10.11
The Company makes provident fund contributions which are defined contribution plans for qualifying employees. Experience variance (i.e. actual experience vs assumptions) 3.27 23.02
Under the Schemes, the Company is required to contribute a specified percentage of the payroll costs to fund 3.96 10.42
the benefits. The Company has recognised INR 75.29 Millions (March 31, 2023: INR 96.53 Millions) for Provident Fund
contributions in the statement of profit and loss. The contributions payable to these schemes by the Company are Principal assumptions used in determining defined benefit obligation
at rates specified in the rules of the schemes.
March 31, 2024 March 31, 2023
(b) Defined benefit plan - Gratuity Discount rate 6.90% 7.00%
The Company has a defined benefit gratuity plan. Every employee who has completed five years or more of Salary escalation 10% 10%
service gets a gratuity on departure at 15 days basic salary (last drawn salary) for each completed year of service. Retirement Age 60 years 60 years
Attrition rate 28% 28%
The scheme is not externally funded. The following tables summarize the components of net benefit expense
Mortality IALM (2006-08) IALM (2006-08)
recognized in the Statement of Profit and Loss and the funded status and amounts recognized in the Balance
Ultimate Ultimate
Sheet for the plan.
Sensitivity analysis of significant assumptions
Changes in the present value of defined benefit obligation:
The following table presents a sensitivity analysis to one of the relevant actuarial assumptions, holding other
March 31, 2024 March 31, 2023 assumptions constant, showing how the defined benefit obligation would have been affected by changes in the
Obligations at year beginning 120.12 65.08 relevant actuarial assumptions that were reasonably possible at the reporting date.
Current service cost 37.31 44.59
Interest cost 7.22 3.42 Decrease Increase
Benefits paid (10.15) (3.39) March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
Remeasurement of (gain)/loss in other comprehensive income: Impact on defined benefit obligation
Actuarial loss arising from change in demographic assumptions - 10.11 Discount rate (1% change) 7.15 6.24 (6.63) (5.76)
Actuarial loss/ (gain) due to financial assumption changes 0.69 (22.71) Salary escalation rate (1% change) (5.69) (5.24) 5.86 5.46
Actuarial loss due to experience adjustments 3.27 23.02 Attrition rate (1% change) 3.55 3.90 (3.46) (3.76)
Obligations at year end 158.46 120.12
Non-current 142.96 114.92 Maturity profile of defined benefit obligation (undiscounted)
Current 15.50 5.20
Total 158.46 120.12 March 31, 2024 March 31, 2023
Within 1 year 15.50 5.20
Between 1 and 5 years 106.81 177.03
Beyond 6 years 71.53 294.65
Total 193.84 476.88

The weighted average duration of the defined benefit plan obligation at the end of the reporting period is 3 years
(March 31, 2023: 3 years).

95 54
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

28 Contingent Liabilities and Commitments 28 Contingent Liabilities and Commitments (Contd..)

(a) Contingent liabilities (iii) The Company has significant commitments under Cloud and Technologies services related contracts as
described below. The management is confident of meeting these commitments:vv
March 31, 2024 March 31, 2023
Claims against the Company not acknowledged as debts Sl. Commitment amount
Period
GST dispute (note (i)) 142.91 142.91 No. (USD million)
Landowner dispute (note (ii)) 72.00 72.00 1 Google Cloud Platform March 2022 to February 2026 150
Vendor litigation (note (iii)) 1,107.17 - 2 Elastic Co. July 2024 to November 2025 3.61
Bank Guarantees 400.00 490.00 3 Databricks Inc February 2024 to March 2025 3.96
4 Mixpanel May 2024 to April 2025 1.78
i) The GST demand relates to applicability of TCS on the value of supplies made by reseller. The Company is 5 Redislab May 2024 to April 2025 1.9
contesting this demand and the management, based on expert advise, believes that its position will be likely be
upheld in the appellate process and accordingly no provision has been accrued in these standalone financial 29 Related Party Disclosures
statements for the demand raised. The management believes that the ultimate outcome of the proceeding
will not have a material adverse effect on the Company's financial position and results of operations. A. Names of related parties and description of relationships:
Names of related parties irrespective of whether transactions have occurred or not:
ii) The Company has an ongoing dispute with Workshala, erstwhile landowner amounting to INR 72 million. The
Arbitrator ruled out the petition by Workshala over technical grounds. Subsequently, Workshala has put a Entities where control exists Nature of relationship
petition before the commercial court seeking for the arbitral award to be set aside. The commercial courts Meesho Inc., US Holding Company
have subsequently set aside the arbitral award. The Company is in the process of appealing against the Meesho Grocery Private Limited (w.e.f 18 March 2024) Subsidiary
aforesaid judgement of commercial courts with the higher court. Based on legal advice, the management Meesho Technologies Private Limited (w.e.f 22 March 2024) Subsidiary
believes that the ultimate outcome of the proceeding will not have a material adverse effect on the Company's Other related parties
Meesho Payments Private Limited, India Fellow Subsidiary
financial position and results of operations.
PT Fashnear Technology Indonesia, Indonesia Fellow Subsidiary
Fashnear Shenzhen Trading Co. Ltd, China Fellow Subsidiary
iii) The Company had executed the private pricing addendum (“PPA”) dated 25 February 2022 with Amazon Web Popshop Commerce Private Limited, India Fellow Subsidiary
Services India Private Limited (“AWS”) for a period of two years, from 1 March 2022 to 29 February 2024. The Meesho Foundation Settlor of Trust
PPA contained certain stipulations on spend commitment by the Company in consideration for obtaining Key management personnel
the services available on the AWS platform. However, the Company faced stability and scalability issues with Mr. Vidit Aatrey Director
Mr. Sanjeev Kumar Director
various services and despite bringing this to AWS’s attention, AWS was unable to provide adequate support
Other Key management personnel (KMP)
to resolve the issues and was unable to diagnose the underlying cause or provide a solution in relation to Mr. Dhiresh Bansal Chief Financial officer
these services. Hence, AWS’s failure to provide adequate support impacted Company business operations Relative of KMP
and forced to migrate workloads to other service providers. This forced migration of services resulted in the Shikhar Aatrey Relative of Director
Company incurring additional costs in addition to the damages suffered by it due to deficiencies in services.
B. Related party transactions:
As such, AWS is in breach of its obligations under the contract and the Company is not liable to pay the
commitment invoice to AWS. The transactions that have been entered into with related parties during the year are as follows:

Therefore, the Company has denied and disputed the invoice raised by AWS since it had faced multiple issue For the year ended For the year ended
in relation to the services offered by AWS. The Company, basis legal opinion, is of the view that it has strong March 31, 2024 March 31, 2023
merits with respect to the aforesaid dispute and believes that the ultimate outcome of the proceeding will not Issue of equity Shares (including securities premium)
have a material adverse effect on the Company's financial position and results of operations. Accordingly, the Meesho Inc - 35,025.26
disputed amount of INR 107.17 million is included under contingent liability. Support Services
Meesho Inc - 7.64
(iv) The Company is subject to various other legal proceedings and claims, which have arisen in the ordinary Deemed contribution in respect of emloyee stock
course of business. The Company's management reasonably does not expect that these legal actions, when options of Holding Company
Meesho Inc 2,516.27 1,058.02
ultimately concluded and determined, will have material effect on the Company's results of operations or
Recovery of expenses
financial condition.
Meesho Inc * 1,769.00 6.38
Meesho Payments Private Limited 21.97 -
(b) Commitments
Compensation of key management personnel
(i) Estimated amount of contracts remaining to be executed on capital account (net of advances) and not Short term employee benefits 103.26 68.77
provided for as at March 31, 2024 is Nil (March 31, 2023: Nil) Post Employment benefits** 7.24 7.24
Employee share based payment expense 1,727.08 578.67
(ii) Refer note 32 with regards to lease commitments 1,837.58 654.68
Contracted manpower
Shikhar Aatrey 0.51 -
*Pertains to buy back of employee stock options by the Holding Company. Refer note 31.
**As the liability for gratuity and compensated absences is provided on an actuarial basis for the Company as a whole, the amount
pertaining to the Key managerial personnel are not ascertainable and hence not included above.

97 55
 -
-
C.

31
Meesho Inc

accounting year.
Interest due on the above
for the year ended March 31, 2024

the appointed date during the year.

Receivable from related parties

Meesho Payments Private Limited

Employee benefits payable to KMP

Employee Share Based Payment

received for any related party balances.

appointed day during each accounting year.

Performance and milestone based grants

29 Related Party Disclosures (Contd..)

30 Dues to Micro and Small Enterprises

Principal amount due to micro and small enterprise

Terms and conditions of transactions with related parties

a deductible expenditure under Section 23 of the MSMED Act, 2006

(All amounts in Indian Rupees Millions, except as otherwise stated)

year) but without adding the interest, specified under the MSMED Act, 2006.
The amount of interest due and payable for the period of delay in making

are actually paid to the small enterprise for the purpose of disallowance as
The amount of further interest remaining due and payable even in the
The amount of interest accrued and remaining unpaid at the end of the
payment (which have been paid but beyond the appointed day during the
The amount of interest paid by the Company in terms of section

succeeding period/years, until such date when the interest dues as above
The amount of payments made to micro and small suppliers beyond the
along with the amount of the payment made by the supplier beyond
16 of the Micro, Small and Medium Enterprise Development Act, 2006,

Time based vesting with 1 year cliff and monthly vesting after cliff period
description of the various ESOP plans and terms and conditions are as follows:
6.00
6.00
-
6.00
-
6.00
609.78
March 31, 2024
As at
1,783.37
March 31, 2024
As at

283.00
21.97
The balances receivable from or payable to related parties as at year end are as follows:
Notes to the Standalone Financial Statements

-
-
-
-
-
143.71
March 31, 2023
As at
14.37
March 31, 2023
As at

20.00
-

with the Company on the basis of information disclosed by the suppliers. The disclosure relating to MSME are as under:
The outstanding balances are generally unsecured and interest free. There have been no guarantees provided or

to compliance with vesting conditions as applicable for respective plan. In accordance with Ind AS 102 - Share based
eligible employees of the Group. The Plan is approved by its board and is only available to eligible employees subject
Meesho Inc., the Holding Company has issued various option plan under the Meesho Inc. 2016 Stock Incentive Plan to
The transactions with related parties are made on terms equivalent to those prevailing in arm's length transactions.

payments, the necessary disclosures have been made for the year ended March 31, 2024 and March 31, 2023. The brief
(MSMED) has been determined to the extent such parties have been identified on the basis of information available
The amount due to Micro and small enterprise in the "Micro, small and medium Enterprise Development Act, 2006"

Notes to the Standalone Financial Statements

for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated)

31 Employee Share Based Payment (Contd..)

a. Milestone grants to eligible employees with performance conditions - With respect to FY 24 performance grants, the conditions have been achieved and hence the
entire tranche has vested fully. With respect to FY 25 performance grants, the management is of the view that the FY 25 grant performance conditions are likely to be
achieved and accordingly, ESOP cost is accounted from the date of grant i.e. 28 November 2023.

b. Performance grants with valuation milestones - The Board of Directors, via the resolution dated 28 November 2023 has extended the period of achieving the valuation
milestone from September 2026 to September 2029. However, the management, basis internal estimate is confident that the milestone criteria would be achieved by
September 2026 and has accordingly accounted for the ESOP cost in this regard based on external valuation report.

The details of activities under the various ESOP plans for employees of the Company is summarised below:

March 31, 2024 March 31, 2023

No. of options No. of options
Weighted Weighted
Meesho Inc. 2016 Plan
Time based Performance Total for Average Time based Performance Total for Average
vesting based vesting all plans Exercise Price vesting based vesting all plans Exercise Price
for all plans* for all plans*
Options outstanding at the 28,72,096 35,21,041 63,93,137 0.15 22,24,037 33,21,262 55,45,299 0.15
beginning of the year
Granted during the year 17,28,302 6,72,458 24,00,760 0.15 10,12,558 2,67,073 12,79,631 0.15
Forfeited during the year (4,53,993) (47,663) (5,01,656) 0.15 (3,55,631) (67,294) (4,22,925) 0.15
Cancelled during the year** (2,78,649) (89,546) (3,68,195) 0.15 (8,868) - (8,868) 0.15
Migrated (to)/ from during the year*** (16,53,402) (17,83,636) (34,37,038) 0.15 - - - -
Exercised during the year - - - - - - - -
Outstanding at the end of the year 22,14,354 22,72,654 44,87,008 0.15 28,72,096 35,21,041 63,93,137 0.15
Exercisable at the end of the year 15,56,219 25,06,203 40,62,422 0.15 18,14,046 20,24,659 38,38,705 0.15
*Weighted Average Exercise Price is denominated in United state Dollars (USD).
**The Holding Company, in the Board Resolution dated 30 March 2024, has cancelled 368,195 vested options of the eligible employees in exchange for payment of consideration in cash as per the stock
option cancellation agreement. The aforesaid cancellation is a one off event and the plan continues to be equity settled and hence there is no modification of the underlying ESOP plan. The amount has
been paid to the eligible employees subsequent to the year end and corresponding receivables from the Holding Company of INR 1,709.52 million has been accounted for in the books of the Company
as disclosed in note 8 and note 29.
***The board of directors of the Holding Company in the resolution dated 30 March 2024, the unvested stock options i.e. stock options vesting beyond 30 March 2025 of the eligible employees including
founders granted under the 2016 Stock Incentive Plan have been replaced with stock options under the FTPL ESOP Plan 2024 with the same underlying vesting and performance conditions as granted in
the 2016 Stock Incentive Plan. The conversion ratio for the replacement is 1:1.2266 options. Since the replacement of stock options has occurred on the last day of the financial year, no cost is required to
99

be accounted under the FTPL ESOP Plan 2024 during the year ended March 31, 2024. The details of the plan and movement are included below:
56
 Notes to the Standalone Financial Statements

(comparable companies method), and OPM allocation method. Under this method, the fair value of the common stock has been computed by applying waterfall
For the year ended March 31, 2024, the grant date fair value of common stock was measured using the income (Discounted cash flow method) and market approach
Weighted
Average
Exercise Price
for all plans*
-
-
-
-
-
-
-

-
-
-
FTPL ESOP
Plan 2024*

-
-
-
For the year ended March 31, 2024
for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated)

distribution to the DCF and comparable companies method backed business valuation, assuming a weighted exited duration of weighted avg 2.88 years.
Total for
all plans

-
-
-
-
-
-
-
31 Employee Share Based Payment (Contd..)

4.1%-4.6%
2.88
Nil
Meesho Inc.
2016 Stock
Incentive Plan
2,139.64
12.43
65%
March 31, 2023
No. of options
For the year ended March 31, 2023, the grant date fair value of common stock was measured using the income
(Discounted cash flow method) and market approach (comparable companies method), and OPM allocation
method. Under this method, the fair value of the common stock has been computed by applying waterfall
Performance
based vesting

-
-
-
-
-
-
-
distribution to the DCF and comparable companies method backed business valuation, assuming a weighted
exited duration of weighted avg 3.4 years. Thereafter, the ESOPs valuation was carried out using Monte Carlo
Simulation (MCS) and Black Scholes models.

For the year ended March 31, 2023

Meesho Inc.
Time based
vesting

-
-
-
-
-
-
-
FTPL ESOP
2016 Stock
Plan 2024*
Incentive Plan
Fair value at grant date 1,639.24 -
Exercise price 10.92 -
Notes to the Standalone Financial Statements

Weighted
Average
Exercise Price
for all plans*
-
-
1.00

-
1.00
-
Expected volatility 51.08% -
Expected term 3.4 Years -
Expected dividends Nil -
Risk free interest rate (based on 5 year US Government bonds) 4.04% -

32 Leases
Total for
all plans

-
-
34,37,038
7,80,961
-
42,17,999
-

The Company has lease contract for office space used in its operation. Leases are for a period 9 years, however
March 31, 2024
No. of options

management expects that 5 years would be reasonable based on historical trend. The Company’s obligations under
its leases are secured by the lessor’s title to the leased assets. There are certain lease contracts that include extension
and termination options. The Company also has certain leases with lease terms of twelve months or less and leases
Performance
based vesting

-
-
17,83,636
4,04,169
-
21,87,805
-

with low value. The Company applies the ‘short-term lease’ and ‘lease of low-value assets’ recognition exemptions for
these leases. There are no lease arrangements with variable lease payments.

*There are no grants in the FTPL ESOP Plan 2024 during the year ended March 31, 2024.
Risk free interest rate (based on 5 year US Government bonds) Set out below are the carrying amounts of lease liabilities and the changes during the year:
(All amounts in Indian Rupees Millions, except as otherwise stated)

Particulars March 31, 2024 March 31, 2023

Time based
vesting

-
-
16,53,402
3,76,791
-
20,30,193
-

Balance at the beginning of the year 116.80 32.98

Additions during the year 695.61 185.82
Accretion of interest 57.72 13.38
Employee Share Based Payment (Contd..)

Payments of lease liabilities (114.09) (115.38)

Termination of lease contract (33.33) -
Balance at the end of the year 722.71 116.80
Non-current 582.66 -
Current 140.05 116.80
Total 722.71 116.80
Outstanding at the end of the year
Migrated (to)/ from during the year

Exercisable at the end of the year

The Company has applied weighted average incremental borrowing rate of 8% per annum to lease liabilities recognised
for the year ended March 31, 2024

in the balance sheet. The undiscounted maturity analysis of lease liabilities is disclosed in Note 35(C). The following are
the amounts recognised in the statement of profit and loss:
Adjustments for migration
Exercised during the year
Forfeited during the year
Granted during the year

Fair value at grant date

Particulars March 31, 2024 March 31, 2023

FTPL ESOP Plan 2024

Expected dividends
Expected volatility

Depreciation charge of right-of-use assets 224.12 132.84

Interest on lease liabilities 57.72 13.38
Expected term
Exercise price

Expenses relating to short-term leases 61.30 13.13

Gain in termination of lease Contract (3.47) -
Total amount recognised in profit or loss 339.67 159.35

The Company had total cash outflows for leases of INR 114.09 Millions (March 31, 2023: INR 115.38 Millions) for the year
ended March 31, 2024. The leases contain termination and extension periods exercisable by the Company, for which
31

the related lease payments are included in lease liabilities only if the Company is reasonably certain to exercise these
extension options or not to exercise the termination options.

101 57
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

33 Segment Reporting 35 Financial Instruments(Contd..)

The Company's operations predominately relate to "providing an application based marketplace that connects
Financial assets Financial
a) suppliers and end consumers or b) supplier and resellers, enabling resellers to sell products to their buyers". The
/liabilities at fair assets / Total
Company does not distinguish revenues, costs and expenses between segments in its internal reporting, and reports Amortized Total fair
value through liabilities at carrying
costs and expenses by nature as a whole. The chief operating decision maker reviews the financial results when cost (Level 3) value
profit or loss fair value value
making decisions about allocating resources and assessing performance of the Company as a whole and hence, the
(Level 1) through OCI
Company has only one reportable segment. The Company operates and manages its business as a single segment.
As the Company’s long-lived assets are all located in India and almost all of the Company’s revenues are derived from
Financial liabilities
one geographical segment, hence no geographical information is presented. Since the Company has a single business
i. Lease liabilities (refer note 32) 722.71 - - 722.71 722.71
segment and a single geographical segment, no additional disclosures pertaining to the operating segments as per
ii. Trade payables (refer note 17) 8,537.74 - - 8,537.74 8,537.74
Ind AS 108 have been presented.
iii. Other financial liabilities 8,305.94 - - 8,305.94 8,305.94
(refer note 18)
34 Deferred Tax
Total liabilities 17,566.39 - - 17,566.39 17,566.39
As at As at
Particulars The carrying value and fair value of financial instruments by categories as at March 31, 2023 are as follows:
March 31, 2024 March 31, 2023
Temporary differences attributable to: Financial assets Financial
Deferred tax liabilities /liabilities at fair assets / Total
Amortized Total fair
Right of use asset 181.31 34.37 value through liabilities at carrying
cost (Level 3) value
Provision for compensated absences 23.71 - profit or loss fair value value
Total deferred tax liabilities 205.02 34.37 (Level 1) through OCI
Deferred tax assets Financial assets
Provision for gratuity 49.44 37.14 i. Investments (refer note 6) 16,906.68 3,626.23 - 20,532.91 20,532.91
Provision for compensated absences - 64.17 ii. Trade receivables (refer note 11) 3.96 - - 3.96 3.96
Provision for bonus 12.25 14.39 iii. Cash and cash equivalents 952.24 - - 952.24 952.24
Deferred tax on losses 16,804.26 17,068.12
(refer note 12)
Others 309.42 164.05
iv. Bank balances (refer note 7) 6,310.20 - - 6,310.20 6,310.20
Total deferred tax assets 17,175.37 17,347.87
v. Loans (refer note 13) 50.13 - - 50.13 50.13
Net deferred tax assets 16,970.35 17,313.50
vi. Other financial assets (refer note 8) 1,724.17 - - 1,724.17 1,724.17
The Company has reviewed its deferred tax assets as at March 31, 2024 and March 31, 2023. The Company has unabsorbed Total assets 25,947.38 3,626.23 - 29,573.61 29,573.61
depreciation losses, business losses and other temporary differences which give rise to deferred tax assets. However Financial liabilities
in the absence of reasonable certainty supported by convincing evidence that sufficient future taxable income will be i. Lease liabilities (refer note 32) 116.80 - - 116.80 116.80
available against which such deferred tax assets can be realized, no deferred tax assets (net) as at March 31, 2024 has ii. Trade payables (refer note 17) 8,289.63 - - 8,289.63 8,289.63
been recognised. iii. Other financial liabilities 4,528.59 - - 4,528.59 4,528.59
(refer note 18)
Total liabilities 12,935.02 - - 12,935.02 12,935.02
35 Financial Instruments
The fair value of the financial assets and liabilities is included at the amount at which the instrument could be
A Financial instruments by category
exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The following
The carrying value and fair value of financial instruments by categories as at March 31, 2024 are as follows: methods and assumptions were used to estimate the fair values:
Financial assets Financial
/liabilities at fair assets / Total The carrying value of cash and cash equivalents, trade receivables, trade payables, bank balance, loan, other
Amortized Total fair financial assets and other financial liabilities approximate their carrying amounts largely due to the short-term
value through liabilities at carrying
cost (Level 3) value maturities of these instruments.
profit or loss fair value value
(Level 1) through OCI
The fair value of remaining financial instruments are determined on transaction date based on discounted cash
Financial assets flows calculated using lending/ borrowing rate. Subsequently, these are carried at amortized cost. There is no
i. Investments (refer note 6) 1,105.91 3,322.70 - 4,428.61 4,428.61 significant change in fair value of such liabilities and assets.
ii. Cash and cash equivalents 1,366.29 - - 1,366.29 1,366.29
(refer note 12) Fair value of quoted mutual funds is based on Net assets value (“NAV”) as at the reporting date. The investments
iii. Bank balances other than cash and 24,597.47 - - 24,597.47 24,597.47 in bonds are valued by referring to market inputs including quotes, trades, poll, primary issuances for securities
cash equivalents (refer note 7) and /or underlying securities issued by the same or similar issuer for similar maturities and movement in
iv. Loans (refer note 13) 19.69 - - 19.69 19.69 benchmark security, etc.
v. Other financial assets (refer note 8) 6,096.74 - - 6,096.74 6,096.74
Total assets 33,186.10 3,322.70 - 36,508.80 36,508.80

103 58
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

35 Financial Instruments (Contd..) 35 Financial Instruments (Contd..)

B Fair value hierarchy The following table summarises the change in the provision for allowance for doubtful balances:
Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation March 31, 2024 March 31, 2023
techniques as follows:
Opening balance 387.73 200.39
Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities Allowance made during the year 108.49 250.81
Reversal/write off during the year - (63.47)
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either Closing balance 496.22 387.73
directly (i.e. as prices) or indirectly (i.e. derived from prices)
b) Cash and cash equivalent, Investment and bank Balance
Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs) Credit risk on cash and cash equivalents is limited as the Company generally invests in deposits with
banks and financial institutions with high credit ratings assigned by domestic credit rating agencies.
The following table presents fair value hierarchy of assets and liabilities measured at fair value as on March 31, 2024 :
Geographic concentration of credit risk
Fair value measurement at end of the reporting
As at
Particulars period using The maximum exposure to credit risk for trade receivables is by single geographic region i.e., India.
March 31, 2024
Level 1 Level 2 Level 3
ii. Liquidity risk
Investments in mutual funds 3,322.70 3,322.70 - -
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its
The following table presents fair value hierarchy of assets and liabilities measured at fair value as on March 31, 2023 : financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to
managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when
Fair value measurement at end of the reporting
As at they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking
Particulars period using
March 31, 2023 damage to the Company’s reputation.
Level 1 Level 2 Level 3
Investments in mutual funds 3,626.23 3,626.23 - - The Company’s principal sources of liquidity are cash and cash equivalents, investments and the cash flow
that is generated from operations.
C Financial risk management
The Company also monitors the level of expected cash inflows on trade receivables and loans together with
The Company has exposure to the Credit risk, Liquidity risk and Market risk
expected cash outflows on trade payables and other financial liabilities.
The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Company’s
risk management framework. The table below provides details regarding the contractual maturities of financial liabilities:

The Company’s risk management policies are established to identify and analyse the risks faced by the Company, Contractual cash flows
to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies As at March 31, 2024 Within 1-5
Less than 1 year Total
and systems are reviewed regularly to reflect changes in market conditions and the Company’s activities. The years
Company, through its training and management standards and procedures, aims to maintain a disciplined and Non-derivative financial liabilities
constructive control environment in which all employees understand their roles and obligations. Trade payables 8,537.74 - 8,537.74
Lease liabilities 195.78 657.84 853.62
The Board of Directors of the Company monitors compliance with the Company’s risk management policies Other financial liabilities 8,305.94 - 8,305.94
and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced 17,039.46 657.84 17,697.30
by the Company.

i. Credit risk
Contractual cash flows
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer As at March 31, 2023 Within 1-5
contract, leading to a financial loss. Financial instruments that are subject to credit risk and concentration Less than 1 year Total
years
thereof principally consist of Marketplace receivables, Investment, cash and cash equivalents, bank balances
Non-derivative financial liabilities
and other financial assets of the Company.
Trade payables 8,289.63 - 8,289.63
a) Marketplace Receivable Lease liabilities 121.79 - 121.79
Other financial liabilities 4,528.59 - 4,528.59
Marketplace receivables represent the outstanding amounts due to the company from transactions 12,940.01 - 12,940.01
facilitated through its platform. These receivables arise primarily from the following sources:

i) Sales to End Customers: Amounts due from end customers who purchase products through
the marketplace.

ii) Vendor Transactions: Amounts due from vendors or suppliers for services provided by the
marketplace, such as listing fees, advertising fees, and other service charges.

105 59
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

35 Financial Instruments (Contd..) 35 Financial Instruments (Contd..)

iii. Market risk The Company's monitors capital using a gearing ratio, which is net debt divided by total capital plus net
Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of debt. The Company includes within net debt a trade and other payables, lease liabilities less cash and cash
changes in market prices. Market risk comprises of three types of risks: interest rate risk, price risk and currency equivalents, Bank balances other than cash and cash equivalents deposits and investments.
risk. Financial instruments affected by market risk includes trade receivable/payable, other financial assets
As at As at
and liabilities.
March 31, 2024 March 31, 2023

a. Interest rate risk Trade Payables 8,537.74 8,289.63

Lease liabilities 722.71 116.80
Interest rate risk is the risk that the fair value or future cash flows of the Company’s financial instruments
Less : Bank balances other than cash and cash equivalents (24,597.47) (6,310.20)
will fluctuate because of changes in market interest rates. The Company’s does not have any variable
Less : Cash and cash equivalents (1,366.29) (952.24)
interest rate instruments, hence is not exposed to the risk of changes in market interest rate. Less: Investments (4,428.61) (20,532.91)
Net adjusted debt (A) (21,131.92) (19,388.92)
b. Currency risk
Equity 21,235.87 21,773.12
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because Total equity capital (B) 21,235.87 21,773.12
of changes in foreign exchange rates. The Company's exposure to foreign currency risk at the end of the
reporting period expressed in INR are as follows. The foreign exchange loss is recognised in the Statement Total debt and equity (C = A+ B) 103.95 2,384.20
of Profit and Loss. Gearing ratio (A / C)* - -

The Company has not taken any instruments to hedge the foreign currency exposure. The details of *Disclosed as nil since the same is negative, since the Company is funded majorly through own funds and equity investments
financial assets and financial liabilities denominated in foreign currency as at March 31, 2024 and March
No changes were made in the objectives, policies or processes for managing capital during the year ended
31, 2023 that are not hedged by a derivative instrument or otherwise are as follows:
March 31, 2024 and March 31, 2023.
Amount in USD Millions Amount in INR Millions
Particulars As at As at As at As at 36 Ratios
March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023
The ratios for the years ended March 31, 2024 and March 31, 2023 are as follows:
Financial liabilities
USD 0.89 2.54 70.41 208.89 Reason for variance
Total 0.89 2.54 70.41 208.89 As at As at
% exceeding 25% as
Ratio Numerator Denominator March March
change compared to the
The sensitivity to a reasonably possible change in foreign exchange rate on profit or loss of the 31, 2024 31, 2023
preceding year
company is as below:
Current ratio Current assets Current liabilities 1.67 1.86 -10% Not Applicable as
March 31, 2024 March 31, 2023 change is < 25%
5% Increase 5% decrease 5% Increase 5% decrease Return on Net losses Average (14.2%) (126.4%) -89% On account of reduction
Impact on profit/(loss) before tax (3.52) 3.52 (10.44) 10.44 equity ratio shareholder’s equity of losses during the year
Trade payables Other Average trade 8.71 6.30 38% Change is due to
(Note: The impact is indicated on the loss before tax basis. This analysis assumes that all other variables, turnover ratio expenses payables increase in expenses
in particular interest rates, remain constant). but decrease in average
trade payables.
c. Price risk Net capital Revenue from Working capital = 6.21 4.90 27% Change is due to
The Company invests surplus funds in liquid mutual funds. The Company is exposed to market price risk turnover ratio operations current assets - significant increase in
arising from uncertainties about future values of the investment. The Company manages the equity price current liabilities revenue in comparison to
risk through investing surplus funds in liquid mutual funds on a short term basis. insignificant increase in
working capital.
iv. Capital Management Net profit ratio Net losses Revenue from (4.00%) (29.21%) -86% Change is on account of
For the purpose of the Company’s capital management, capital includes issued equity capital, and all other operations increase in revenue and
equity reserves attributable to the equity shareholders. The primary objective of the Company's capital significant decrease in
management is to ensure that it maintains a strong credit rating and capital ratios in order to support its losses in current year.
Return on Net losses Capital employed (14.06%) (76.87%) -82% Change is on account
business and maximise shareholder value. The Company is financed by equity and carries cash and cash
capital before interest of reduction in losses
equivalents to meet its financial obligations. The Company does not have any borrowings.
employed during the year.

107 60
Notes to the Standalone Financial Statements Notes to the Standalone Financial Statements
for the year ended March 31, 2024 for the year ended March 31, 2024
(All amounts in Indian Rupees Millions, except as otherwise stated) (All amounts in Indian Rupees Millions, except as otherwise stated)

36 Ratios (Contd..) 38 Subsequent Events:

Subsequent to the year ended March 31, 2024, the Board of Directors of the Company and its wholly owned subsidiaries
Reason for variance
As at As at Meesho Grocery Private Limited ('Resultant Company-1'), Meesho Technologies Private Limited ('Resultant Company-2')
% exceeding 25% as
Ratio Numerator Denominator March March and Meesho Inc. ('Transferor Company'), have approved the Composite Scheme of Arrangement between the
change compared to the
31, 2024 31, 2023 Company, Resultant Company-1, Resultant Company-2, Transferor Company and their respective shareholders and
preceding year
creditors (hereinafter referred to as “the Scheme”) in terms of the provisions of Sections 230 to 232 of the Companies
Return on Investment Weighted Average 7.37% 5.76% 28% Change is on account
Act, 2013 to demerge the Grocery business and market place business from the Company to Resultant Company-1
investment Income Cost of Investment of increase in return on
and Resultant Company-2 respectively as well as transfer the business of Transferor Company to the Company. The
Mutual funds (Mutual Fund) mutual fund investments.
Company has filed the scheme with the regulatory authorities and is awaiting the necessary approvals.
Certificate of Investment Weighted Average 7.32% 6.35% 15% Not Applicable as change
Deposits, bonds Income Cost of Investment is < 25%
39 As per the amended Rule 3 and 11(g) of the Companies (Accounts) Rules, 2014 (the “Accounts Rules”), Companies
Note: are required to maintain daily back-up of the books of account and other relevant books and papers which are
(a) Inventory turnover ratio, trade receivable ratio, debt equity ratio and debt service coverage ratio has not been maintained in electronic mode on servers physically located in India and accounting software used for maintaining its
disclosed as the Company does not have inventory, trade receivables or borrowings. books of account should have a feature of recording audit trail of each and every transaction, creating an edit log of
each change made in the books of account along with the date when such changes were made and ensuring that the
audit trail cannot be disabled.
37 Other Statutory Information :
In respect of two applications, the Company does not have servers physically located in India for the daily backup of
(a) The Company does not have any Benami property nor any proceeding is pending against the Company for
the books of account and other books and papers maintained in electronic mode and with respect to two applications
holding any Benami property.
backup has not been maintained on a daily basis but on a regular basis. Further, the Company has majorly used
(b) The Company transacts with numerous suppliers and vendors for its market place business. The Company, on accounting softwares for maintaining its books of account which have a feature of recording audit trail (edit log) facility
test check basis has verified the transactions with the suppliers and vendors and noted no transactions with and the same have operated throughout the year for all relevant transactions recorded in the aforesaid softwares,
struck off companies. except that incase of three applications audit trail feature is not enabled and in respect of one application, audit trail
feature is not enabled for direct changes to data when using certain access rights. The management is in the process
(c) The Company do not have any charges or satisfaction which is yet to be registered with Registrar of Companies of taking steps to ensure that the books of account are maintained as required under the applicable statute.
beyond the statutory period.

(d) The Company has not traded or invested in crypto currency or virtual currency during the financial year. 40 The figures of previous year were audited by a firm of Chartered Accountants other than S. R. Batliboi & Associates LLP.

(e) The Company has not advanced, loaned or invested funds (either from borrowed funds or share premium or any
other sources or kind of funds) in any entity with the understanding that the Intermediary shall: As per our report of even date attached

(i) directly or indirectly lend or invest in other entities by or on behalf of the Company (ultimate beneficiaries) or For S R Batliboi & Associates LLP For and on behalf of Board of Directors of
Chartered Accountants Fashnear Technologies Private Limited
(ii) provide any guarantee or security to or on behalf of the ultimate beneficiaries.
ICAI Firm's Registration CIN : U74900KA2015PTC082263
(f) The Company has not received any fund from any persons or entities including foreign entities with an understanding Number: 101049W/E300004
that the Company shall:
per Rajeev Kumar Vidit Aatrey Sanjeev Kumar Dhiresh Bansal
(i) lend or invest in other entities or persons identified by or on behalf of the funding Party (ultimate beneficiaries) or Partner Director Director Chief Financial Officer
Membership number: 213803 DIN: 7248661 DIN: 7248672
(ii) provide any guarantee or security on behalf of the ultimate beneficiaries.
Place: Bengaluru, India Place: Bengaluru, India
(g) The Company is not classified as wilful defaulter. Date: September 30, 2024 Date: September 30, 2024

(h) The Company doesn't have any transaction which is not recorded in the books of accounts that has been
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 such as
search or survey.

109 61