MAM
Meesho appoints Divyesh Shah as vice president of engineering
Mumbai: Meesho, one of India’s fastest growing internet commerce companies, has announced the appointment of Divyesh Shah as vice president, engineering. He will lead the supply, monetisation and fulfillment & experience (F&E) engineering teams at Meesho. Shah will oversee Meesho’s efforts in using technology to build solutions that will further enhance user experience on the platform.
Shah joins Meesho with over 16 years of work experience, having worked at companies like Google and Uber in the US. He started his career at Google building containers on Linux which are now utilized by most large Linux deployments, and later went onto build TV ads and Analytics for Google Fiber.
More recently, his teams built the product platform for Google Assistant. In between these Google stints, he also worked at Uber where his teams solved complex problem statements related to marketplace health, adtech data & measurement and vehicle solutions.
“Shah brings a wealth of experience to our talented Tech team and we’re really pleased to have him join us. Right from our very first conversation with him we could sense his enthusiasm towards our mission statement of democratizing e-commerce for every Indian and we’re confident that his skill set & leadership will help Meesho scale newer heights in the near future,” said Meesho founder and CTO Sanjeev Barnwal.
“After spending the last 16 years working in the US, I was keen to return home and be a part of the Indian tech ecosystem. Of all the opportunities, Meesho stood out because of the scale at which it operates and the mission statement of democratizing e-commerce for everyone in India which also translates into the opportunity to serve a large underrepresented demographic.
I’m absolutely delighted to join one of India’s fastest growing startups and look forward to understanding the behavior and needs of a user base that stretches beyond the country’s first 50-100 million internet users,” said Shah.
The latest appointment will strengthen Meesho’s tech leadership team as the company looks to onboard more users and increase its presence in India’s underserved markets. Earlier this year, the company announced the appointment of Debdoot Mukherjee as chief data scientist to oversee their efforts to make every pillar of the e-commerce marketplace smarter and more efficient with the use of AI.
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Jio Financial Services posts Rs 1,560 crore FY26 profit
Revenue rises to Rs 3,513 crore as investments and lending scale up.
MUMBAI: If money makes the world go round, Jio Financial Services Limited is quietly spinning a much bigger wheel. The Reliance-backed financial arm reported a consolidated net profit of Rs 1,560.9 crore for FY26, slightly lower than Rs 1,612.6 crore in FY25, even as revenue growth gathered pace.
Total revenue from operations rose sharply to Rs 3,513.3 crore in FY26 from Rs 2,042.9 crore a year earlier, driven largely by a surge in interest income, which more than doubled to Rs 1,901.9 crore from Rs 852.5 crore. Fee and commission income also saw a significant jump to Rs 597 crore, compared to Rs 155.2 crore in FY25, reflecting expanding financial services activity.
For the March quarter, profit stood at Rs 272.2 crore, broadly flat compared to Rs 269 crore in the same period last year. Quarterly revenue from operations climbed to Rs 1,018.5 crore, up from Rs 493.2 crore year-on-year, signalling steady momentum in core income streams.
Expenses, however, moved in tandem with growth. Total costs nearly quadrupled to Rs 1,982.9 crore in FY26 from Rs 524.8 crore in FY25, with finance costs alone rising to Rs 745.1 crore from just Rs 7.7 crore a year earlier, reflecting increased borrowing and scale of operations. Employee expenses also grew to Rs 387.3 crore, while other expenses expanded to Rs 755 crore.
Profit before tax stood at Rs 1,911.7 crore for the year, slightly below Rs 1,946.9 crore in FY25. After accounting for a total tax outgo of Rs 350.8 crore, the company reported its final net profit figure.
Beyond the income statement, the balance sheet tells a story of rapid expansion. Total assets surged to Rs 1,63,497 crore as of March 31, 2026, up from Rs 1,33,510 crore a year earlier. Investments alone stood at Rs 1,33,088.7 crore, underscoring the company’s strong focus on treasury and financial asset growth.
However, the year also saw sharp volatility in other comprehensive income, which swung to a loss of Rs 16,028.3 crore, largely driven by fair value changes in equity instruments. This dragged total comprehensive income for FY26 to a negative Rs 15,756.1 crore, compared to a positive Rs 14,870 crore in FY25.
On the capital front, the company’s paid-up equity share capital remained steady at Rs 6,353.1 crore, with other equity rising to Rs 1,27,500.5 crore.
The numbers reflect a business in transition scaling rapidly across lending, investments and fee-based services, but also navigating the volatility that comes with mark-to-market movements in financial assets. In other words, while the top line is accelerating, the fine print still carries a few swings.
