Meesho Springs into Fintech and Grocery Revival; Aims High in Expanding Services

In the bustling markets of e-commerce, a new contender is stretching its wings in the fintech sector. Meesho, an agile player supported by the weight of SoftBank, is all set to carve out its piece of the financial services pie, much like its counterparts in the digital commerce arena. The race to profitability is heating up, and Meesho’s strategic play includes not just a foray into financial services but also a resurgence in the grocery delivery space.

“What we’re looking at here is Meesho’s tactical pivot,” a source explained. It’s about providing financial upliftment where it’s most needed. By kickstarting a credit marketplace, this e-commerce firm plans to be more than just a middleman. It will be the bridge connecting diligent borrowers with the steadfast banks and non-banking financial companies (NBFCs), and in the process, collecting a neat commission on every fund disbursement.

Across town, giants like Walmart-owned Flipkart are already dabbling in their financial ventures, throwing a hefty $15-20 million into their fintech business Super.Money. Flipkart’s finance arm is rapidly expanding its repertoire with a ‘buy now-pay later’ scheme and personal loans, which are garnering quite the user base.

“Our vision spans beyond simply generating leads,” voiced a Meesho spokesperson. “We’re piecing together the full financial puzzle, from credit underwriting to anti-fraud measures.” This all-in mindset at Meesho aims to bolster its stand not only as a marketplace but as a platform supporting financial inclusion and the growth of small businesses.

Amidst this financial flutter, Meesho is also resuscitating its grocery delivery sector, previously known as Farmiso and now rebranded as Meesho Superstore. After hitting pause in 2022 and reducing their footprint, the plan is to bring it back to life in a few cities starting April. “It’s an exploration stage, but the potential is ripe for expansion,” insiders say.

As Meesho pledges to nurture its gamut of credit products, we also hear whispers of their search for a seasoned executive to lead the lending function and the intention to bolster their in-house credit risk and data science teams.

The approach is clear: Meesho isn’t just content with peddling goods; it’s pushing to be a pivotal player in a customer’s entire shopping journey, from the moment they ponder a purchase to the point where they pay for it. And as the game unfolds, we’re all eager to see how well Meesho can juggle these twin ambitions of financial finesse and grocery grandeur. Stay tuned!