Social commerce firm Meesho has reportedly shuttered its Indian grocery enterprise Superstore.
Superstore has been closed in over 90% of the cities in India, with the one remaining hubs being Nagpur and Mysuru, and job losses got here with that – nearly 300 workers had their jobs minimize, a report from Livemint says.
The report notes that “low income and excessive money burn” had been the first causes for the choice. Earlier than this, the corporate had deliberate to additional develop Superstore by the tip of the yr.
Meesho didn’t reply to a request for remark from PYMNTS.
Meesho rebranded its Farmiso grocery service into Superstore in April, focusing extra on fulfilling client demand for each day necessities.
However the firm did lay off over 150 workers, primarily from Farmiso, because it was making an attempt to combine its grocery app into the core app of the enterprise. The corporate additionally laid off 200 individuals because the pandemic was starting.
Meesho’s market service offers smaller companies entry to tens of millions of shoppers from a whole bunch of classes in addition to logistics, fee providers and buyer help capabilities.
Earlier within the yr, Meesho partnered with Cashfree Funds so as to permit on the spot refunds for money on supply orders, PYMNTS wrote.
Learn extra: Meesho and Cashfree Funds Companion to Present On the spot Refunds
By integrating Cashfree Funds, Meesho prospects had been promised a greater buying expertise with much less want for guide intervention.
Money on supply has been a most well-liked fee technique in India and cuts down the time to course of refunds, boosting buyer expertise and belief in eCommerce. The partnership reportedly offers refunds in lower than two hours and reduces glitches from tech failures or financial institution downtime. It additionally helps automate provider payouts and permits for UPI payout.
Meesho chief product officer Kirti Varun Avasarala mentioned Meesho needs to deal with ache factors for purchasers and get nearer to turning into “the popular buying vacation spot” for extra Indian prospects.
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