eBay vs Meesho: Revenue, Profit and Business Model
eBay had $11.1B of annual revenue in FY2025. Meesho had ~$1.5B of annual revenue in FY2026 and a net loss of ~$157.5M.
Latest financial snapshot
Financial summary
eBay
eBay is an asset-light marketplace. Unlike Amazon it owns no large warehouses or delivery fleet; it connects buyers and sellers and charges the seller a Final Value Fee, a percentage of each sale. That gives it high profit margins and strong free cash flow, which fund share buybacks and a dividend. In FY2025 it reported $11.100B in revenue and $2.031B in net income, with 135M active buyers. eBay Inc. remains a powerhouse in global e-commerce and online auctions, holding a robust market valuation typically over $25 billion.
Meesho
Meesho's revenue from operations grew from ~$375 million (₹3,233 crore) in FY2022 to ~$1.46 billion (₹12,626 crore) in FY2026. Losses shrank from ~$377 million (₹3,248 crore) in FY2022 to ~$35.4 million (₹305 crore) in FY2024, then jumped to ~$457 million (₹3,942 crore) in FY2025 largely because of a one-time tax charge tied to moving its holding company from the US to India. FY2026 net loss was about $158 million (₹1,358 crore). In Q1 FY27 (April-June 2026) revenue rose 48% year on year to ~$431 million (₹3,713 crore) and net loss narrowed to ~$15.4 million (₹132.8 crore). The December 2025 IPO included a ~$493 million (₹4,250 crore) fresh issue. Meesho is a dominant and incredibly fast-growing Indian e-commerce marketplace, achieving a private market valuation of approximately $5 billion while severely undercutting competitors on seller fees.
Revenue and profit by year
eBay
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $11.1B | — | — | +7.9% | Source |
| FY2024 | $10.3B | — | — | +1.7% | Source |
| FY2023 | $10.1B | $2.8B | 27.4% | +3.2% | Source |
| FY2022 | $9.8B | -$1.3B | -13.0% | -6.0% | Source |
| FY2021 | $10.4B | $13.6B | 130.6% | +17.2% | Source |
| FY2020 | $8.9B | $5.7B | 63.7% | +19.7% | Source |
| FY2019 | $7.4B | $1.8B | 24.0% | — | Source |
Meesho
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | ~$1.5B | ~-$157.5M | -10.8% | +34.5% | Source |
| FY2025 | ~$1.1B | ~-$457.2M | -42.0% | +23.3% | Source |
| FY2024 | ~$883.3M | ~-$35.4M | -4.0% | +32.8% | Source |
| FY2023 | ~$665.3M | ~-$194.3M | -29.2% | +77.4% | Source |
| FY2022 | ~$375M | ~-$376.7M | -100.5% | — | Source |
Where the revenue comes from
eBay
- Marketplace Transaction Fees
Primary revenue stream
Final value fees and related transaction revenue tied to seller activity and gross merchandise volume.
- Advertising and Promoted Listings
High-margin growth stream
Seller-funded ad products that increase listing visibility and monetize buyer intent.
- Payments, Shipping, Stores, and Upgrades
Marketplace services
Managed payments, shipping services, store subscriptions, listing upgrades, and seller tools.
Meesho
- Advertising
Not formally reported
Sellers pay for visibility in search and feeds. Meesho does not charge a sales commission.
- Logistics and fulfilment fees
Not formally reported
Charged to sellers. Meesho's logistics marketplace, Valmo, handled about 50% of volumes in 2026.
- Other seller services
Not formally reported
Value-added services. Revenue from operations was ~$1.46 billion (₹12,626 crore) in FY2026.
Business model and strategy
eBay
How it makes money
eBay operates a large C2C (Consumer-to-Consumer) and B2C (Business-to-Consumer) online marketplace model. They do not own any inventory. The core model relies entirely on 'Take Rates'. If you sell a vintage watch for $1,000 on eBay, eBay takes roughly a 10-15% commission, plus processing fees. Over the last decade, they have aggressively pivoted away from their original 'Auction' format;
Growth strategy
eBay's growth strategy centres on what it calls focus categories and on trust. It was losing sneaker and watch sales to specialist startups because buyers feared counterfeits. It responded with Authenticity Guarantee: experts at eBay facilities inspect expensive watches, sneakers and trading cards before they are shipped to the buyer.
Competitive advantage
eBay's advantage is its inventory of unique and refurbished items and the network of sellers behind it. Shoppers go to Amazon for standard new goods and to eBay for things like a specific 1968 Mustang part, a graded Pokemon card or a refurbished iPhone.
Meesho
How it makes money
Meesho runs a third-party marketplace: independent sellers list products, and Meesho does not hold inventory or charge a sales commission. Revenue comes mainly from services sold to sellers, chiefly advertising (paid visibility in search and feeds) and logistics/fulfilment fees, plus other value-added services.
Growth strategy
Meesho's growth plan centres on adding new shoppers in smaller towns, raising purchase frequency (10.1 orders per annual user in FY2026), lowering delivery costs through Valmo and passing savings on as lower prices, growing seller advertising, and broadening categories, including groceries. It also uses AI heavily in operations; in May 2026 it said more than 70% of its code was AI-generated.
Competitive advantage
Meesho's edge is cost. Zero seller commission keeps listing prices low, which pulls in price-sensitive buyers, which in turn pulls in more small sellers. Its scale (2.67 billion orders in FY2026) lets it negotiate shipping rates and run Valmo, cutting the cost of delivering low-ticket parcels to smaller towns. Management said in July 2026 it intends to pass delivery-cost savings back to customers as lower prices.
Questions about eBay vs Meesho
Which company has higher revenue — eBay Inc. or Meesho?
eBay Inc. had $11.1B (FY2025), while Meesho had ~$1.5B (FY2026). By latest annual revenue, eBay Inc. is the larger business, with Meesho showing a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of eBay Inc. vs Meesho?
eBay Inc.'s market capitalisation stands at $48.0B, while Meesho's is $10.0B. eBay Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Meesho.
How does revenue per employee compare for eBay Inc. and Meesho?
eBay Inc. has $902k / employee in revenue per employee, while Meesho has $705k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do eBay Inc. and Meesho make money?
eBay Inc. and Meesho generate revenue in fundamentally different ways. eBay Inc.: eBay operates a large C2C (Consumer-to-Consumer) and B2C (Business-to-Consumer) online marketplace model. Meesho: Meesho runs a third-party marketplace: independent sellers list products, and Meesho does not hold inventory or charge a sales commission.
Which company is valued higher relative to revenue — eBay Inc. or Meesho?
On a price-to-sales (P/S) basis, eBay Inc. trades at 4.3x P/S and Meesho at 6.8x P/S. Meesho commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to eBay Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is eBay Inc. bigger than Meesho?
By last reported revenue, eBay Inc. ($11.1B (FY2025)) is the larger company compared to Meesho (~$1.5B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the eBay vs Meesho overview