India, July 17 -- "Meesho wala lag raha hai."

This is a common phrase uttered in Indian cities and metros, almost disparagingly. Meesho has become shorthand for an affordable alternative, something like India's Temu.

For years, Meesho has been seen as Amazon and Flipkart's less affluent cousin, but this marketplace drives close to $1.5 Bn in annual revenue through this affordability play. The space where Meesho operates is one where goods are often unbranded, they cost less, the delivery takes a little longer and the primary target customer is not in the metros, but in Tier III, IV and beyond.

That thesis has survived multiple business model experiments, economic cycles, the pandemic's disruption and a lot more. Even as the company has...