Valmo's Share of Meesho Volumes Declines to 50% from Peak of 65%

Meesho's Logistics Arm Valmo Handles 50% of Shipments, Down from 60-65% in Q3

Meesho's in-house logistics arm Valmo currently handles around 50 percent of the company's shipment volume, down from 60-65 percent in the previous quarter. This moderation in the aggressive internalisation push indicates a shift in Meesho's logistics strategy.

According to data from Meesho's red herring prospectus, Valmo handled 695.42 million of the company's 1.08 billion orders in the six months ended September 30, 2025, equivalent to roughly 65 percent of shipment volumes. This was an increase from about 50 percent earlier that year. However, the latest decline in Valmo's share suggests that Meesho may no longer be pursuing higher Valmo penetration as an objective in itself.

Logistical Shifts

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Temporary disruptions in the logistics industry had inflated Valmo's share in the previous quarter. Ecom Express's shutdown in certain regions led to Valmo stepping in to avoid serviceability gaps. As additional capacity came online elsewhere, Meesho re-optimised allocations toward the lowest-cost available option.

Meesho's objective is not to maximise Valmo's shipment share, but to minimise cost. The company allocates volume wherever it can get the most efficient service, whether that comes from Valmo or a third-party partner. This marks a notable shift from earlier market expectations that Meesho would continue internalising a much larger share of deliveries over time.

Comparison of Meesho's Logistics Mix

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According to e-commerce consultancy Datum Intelligence, the eventual steady-state mix may be lower than some analysts had expected, or that Meesho is taking a more measured approach to internalisation than previously assumed.

Rival Companies Weigh In

Delhivery, Meesho's biggest logistics rival, continues to question the economics of captive logistics networks. The costs of delivering via the Valmo network are not lower than delivering through Delhivery, according to Delhivery's founder and chief executive Sahil Barua. Barua has also argued that scale has not translated into margin gains for many self-logistics players.

Strategic Implications

The development comes as logistics infrastructure is becoming increasingly strategic for large e-commerce companies globally. Amazon's recent announcement that it is opening up its logistics and supply chain infrastructure to external businesses globally highlights the importance of logistics in the e-commerce landscape.

For Meesho, however, the immediate takeaway appears more practical. Valmo remains central to its logistics strategy, but shipment allocation is now being determined by economics rather than by a fixed internalisation target.