Market intelligence.
Sector thesis.
No fluff.

Meesho built distribution using Meta’s social graph — brilliant in 2019. The structural problem: you don’t own distribution you rent from a platform whose ad pricing you can’t control. Meesho’s CAC is now a function of Meta’s quarterly decisions.

The reseller model that made Meesho unique is quietly becoming irrelevant. Most Meesho orders today come from direct buyers who learned to skip the reseller. The company that built around community distribution is now a discount marketplace — and discount marketplaces don’t compound.

Meesho’s 130 million users are real. So is the ₹250–350 average order value that makes each user worth a fraction of what the same user is worth on Amazon or Flipkart. The TAM is accurate. The LTV math is structurally broken.