Myntra, the e-commerce platform owned by Flipkart, has announced that it turned operationally profitable in the last two quarters of the calendar year 2023. Along with this, its gross merchandise value (GMV) also grew approximately 2X during the said period.
The growth was majorly driven by expanding customer base, premiumization, collaborations with domestic and international brands, and advancements in technological integration, the company said in a blog post.
Myntra did not disclose specific EBITDA (earnings before interest, taxes, depreciation, and amortization) numbers.
As per the startup intelligence platform TheKredible, Myntra recorded 25% growth in scale to Rs 4,375 crore during FY23 as compared to Rs 3,501 crore in FY22. However, the company’s losses went up 31% to Rs 782.4 crore in FY23 against Rs 597.6 crore in FY22.
In 2023, Myntra claimed a 33% surge in its monthly average users, reaching approximately 60 million, up from around 45 million in 2021.
Founded by Mukesh Bansal, Vineet Saxena, and Ashutosh Lawania, Myntra has a portfolio of over 6,000 brands and it delivers to over 19,000 pin codes across India.
Moving forward, Myntra is strategizing to expand its product range tailored to different user demographics, boost its presence in non-apparel segments, and further enhance its premium fashion offerings by integrating beauty, international brands, and direct-to-consumer (D2C) lines. Additionally, the company aims to extend its market reach to non-metro areas.
In July 2023, Myntra underwent an internal restructuring, resulting in the termination of approximately 50 employees. The restructuring affected roles across various verticals, with a significant impact on the private label business.
