Meesho Tax Disputes Triple to Rs 2,071 Crore in FY26

Content-led commerce became a major growth channel, with 63,213 active content creators generating more than 1.4 million pieces of order-driving content on the platform, the report said.

CEO Vidit Aatrey said FY26 was one of the company's strongest years, even as it chose to invest heavily in user acquisition and technology. "During FY26, we deliberately increased spending on user acquisition and on technology. The conditions for adding users efficiently were extremely good, and the right response was to lean in. That choice had a cost, and I want to be plain about it," he said.

Aatrey acknowledged that contribution margin and free cash flow both stepped back in the year as the company funded consumer acquisition and built capability ahead of revenue. "Every rupee of this investment was tested against the same long-term return thresholds we apply to everything else, and we held back wherever the maths did not clear them. We expect these investments to compound into a larger, more engaged, and lower-cost-to-serve user base over the coming years."

Meesho is a private company and does not disclose valuation or raise capital publicly on a regular schedule. The annual report does not provide guidance for FY27.