Meesho's in-house Valmo slips below 50% share as hinterland scale strains asset-light model
Valmo, Meesho's captive logistics arm, scaled from 2% of shipments in FY23 to over 60% before retreating below 50% in Q4FY26. Peaks of 5,000 orders/minute and a push into hinterland geographies exposed cracks in its cost-first playbook, forcing Meesho to lean back on third-party partners like Delhivery.
Meesho's in-house logistics arm Valmo scaled from 2% to over 60% of shipments, but fell below 50% in Q4FY26 as hinterland expansion strained its asset-light, cost-first model, causing inefficiencies and losses.