India, Jan. 8 -- How Deep Are the Losses? Looking at the topline, the companies are growing at staggering rates. Some companies have even managed to reduce losses and start generating EBITDA profit; yet, the losses of just five companies (Meesho, Swiggy, Physicswallah, Paytm, and Brainbees Solution) exceed Rs 7,500 crore in just FY25.

Meesho: It is a multi-sided e-commerce marketplace that connects consumers, sellers, logistics partners, and content creators through its app-based platform. It grew its revenue at a 27.96% CAGR since FY23, while losses stood at Rs 3,942 crore in FY25 (vs loss of Rs 1,672 crore in FY23). Although the losses in FY25 are due to one-time exceptional items such as tax incurred for reorganisation and ESOP expens...