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Myntra
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Myntra is an Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India.[1] The company was founded in 2007-2008 to sell personalized gift items.[2][3][4][5] In May 2014, Myntra.com was acquired by Flipkart.[6][7][8][9]
Key Information
In May 2022, Myntra launched an express delivery service on its app to offer a one-of-a-kind experience on its fashion and beauty platform. This service allows shoppers to receive their orders for products marked with ‘M-express tag’ on the listing page within 24–48 hours of purchase.[10]
History
[edit]Established by Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena, Myntra sold on-demand personalized gift items. It mainly operated on the B2B (business-to-business) model during its initial years. Between 2007 and 2010, the site allowed customers to personalize products such as T-shirts, mugs, mouse pads, and others.[11]
In 2011, Myntra began selling fashion and lifestyle products and moved away from personalisation. By 2012, Myntra offered products from 350 Indian and International brands. The website launched the brands Fastrack Watches and Being Human.[12]
In 2014, Myntra was acquired by Flipkart in a deal valued at ₹2,000 crore (US$240 million). The purchase was influenced by two large common shareholders Tiger Global and Accel Partners.[9] Myntra functions and operates independently.[13] Myntra continues to operate as a standalone brand under Flipkart's ownership, focusing primarily on "fashion-conscious" consumers.[14]
In 2014, Myntra's portfolio included about 1,50,000 products of over 1,000 brands, with a distribution area of around 9,000 pincodes in India.[15] In 2015, Ananth Narayanan became the chief executive officer of Myntra.[16]
On 10 May 2015, Myntra announced that it would shut down its website, and serve customers exclusively through its mobile app beginning 15 May. The service had already discontinued its mobile website in favour of the app.[17] Myntra justified its decision by stating that 95% of traffic on its website came via mobile devices, and that 70% of its purchases were performed on smartphones. The move received mixed reception, and resulted in a 10% decline in sales.[18][19] In February 2016, acknowledging the failure of the "app-only" model, Myntra announced that it would revive its website.[20]
In September 2017, Myntra negotiated the rights to manage Esprit Holdings's 15 offline stores in India.[21][22] Myntra reported a net loss of ₹151.20 crore in the financial year 2017–2018.[23]
In January 2021, Myntra changed its logo, after a police complaint was registered that the logo resembles a naked woman. The complaint was filed by a woman named Naaz Patel, who runs an NGO called Avesta Foundation.[24]
Acquisitions and investments
[edit]In October 2007, Myntra received its initial funding from Erasmic Venture Fund (now known as Accel Partners), Sasha Mirchandani from Mumbai Angels and a few other investors. In November 2008, Myntra raised almost $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. Myntra raised $14 million in a Series B round of funding. This round of investment was led by Tiger Global, a private equity firm; the existing investors IDG Ventures and Indo-US Venture Partners also put in a substantial amount towards funding Myntra. Towards the end of 2011, Myntra.com raised $20 million in its third round of funding, again led by Tiger Global.[25][26] In February 2014, Myntra raised an additional $50 million (₹310 crore) in funding from Premji Invest and a few other private investors.[27]
In April 2015, Myntra acquired Bengaluru-based mobile app development platform company Native5, with a view to strengthen and expand Myntra's mobile technology team.[28]
In July 2016, Myntra acquired mobile-based content aggregation platform Cubeit, to strengthen and expand its technology team.[29]
In July 2016, Myntra acquired their rival Jabong.com to become India's largest fashion platform.[30] In October 2017, Myntra partnered with the Ministry of Textiles to promote the handloom industry.[31][32]
In April 2017, the company acquired InLogg, a city-based technology platform for the e-commerce sector.[33]
In April 2018, Myntra acquired Bengaluru-based start-up Witworks, a maker of wearable devices, to strengthen its technology team.[34]
In August 2018, Myntra acquired Mumbai-based start-up Pretr Online Services Pvt. Ltd., an end-to-end omnichannel platform for retail.[35]
Digital Reality Show (fashion influencer)
[edit]Myntra launched its first digital reality-based show, "Myntra Fashion Superstar", which is based on the fashion influencer talent hunt on the Myntra app, on 17 September 2019.[36][37][38] In association with Zoom Studios,[39] this show will identify and reward India's next big fashion influencer.[39] The show has eight episodes, which will see 10 contenders competing with each other. They would also be mentored and judged by a star-studded jury, from the world of Bollywood, TV and fashion, including Bollywood actor Sonakshi Sinha and stylist Shaleena Nathani.[40][41][42][43]
Regulatory action and lawsuits
[edit]The Enforcement Directorate is investigating Myntra for a breach of the Foreign Exchange Management Act.[44]
In January 2016, the Enforcement Directorate issued a notice to Myntra's owner Flipkart. It has a tie-up with Nike through the dealer Funfash to sell all authentic Nike accessories.[45]
Labour issues
[edit]In June 2016, Myntra's logistics staff went on a strike alleging a lack of basic employee benefits and poor wages.[46][47]
See also
[edit]References
[edit]- ^ "Bloomberg". www.bloomberg.com. Archived from the original on 8 January 2019. Retrieved 8 January 2019.
- ^ Surti, Saloni (22 May 2014). "Flipkart-Myntra: Consolidation the only way to survive the Indian e-commerce industry?". indianmediabook.com. Archived from the original on 12 July 2018. Retrieved 4 September 2014.
- ^ Bapna, Amit (11 July 2011). "Overall Lifestyle category will cross $1000 billion in India: Mukesh Bansal Founder-CEO, Myntra.com - Economic Times". Articles.economictimes.indiatimes.com. Archived from the original on 11 September 2016. Retrieved 17 June 2012.
- ^ "Business / Companies : Myntra.com to expand operations". The Hindu. 7 September 2011. Archived from the original on 19 April 2014. Retrieved 17 June 2012.
- ^ Saxena, Anupam (14 March 2011). "Updated: Myntra Gets $14M In Second Round Funding". MediaNama. Archived from the original on 24 September 2019. Retrieved 17 June 2012.
- ^ ET Bureau (23 May 2014). "Flipkart acquires Myntra, gears up to take on Amazon". economictimes.indiatimes.com. Archived from the original on 2 September 2016. Retrieved 4 September 2014.
- ^ Flipkart Acquires Myntra in Indias Biggest E-Commerce Deal - NDTVProfit.com Archived 9 February 2023 at the Wayback Machine. Profit.ndtv.com. Retrieved on 2014-05-23.
- ^ "Flipkart acquires E-Tailer Myntra.Com in an around $300 Mn Deal". IANS. news.biharprabha.com. Archived from the original on 22 May 2014. Retrieved 22 May 2014.
- ^ a b "Flipkart, Myntra merge in Rs 2,000 crore deal". The Times of India. Bangalore. 23 May 2014. Archived from the original on 16 February 2015. Retrieved 21 May 2015.
- ^ "Myntra launches 48-hour delivery with M-Express". The Economic Times. Archived from the original on 10 June 2022. Retrieved 10 June 2022.
- ^ Kazmin, Amy (15 May 2015). "Myntra spearheads India's move away from desktop browsing". Financial Times. New Delhi. Archived from the original on 17 May 2015. Retrieved 21 May 2015.
- ^ Bhushan, Hari. "History of Myntra". scribd.com. Archived from the original on 7 March 2016. Retrieved 10 September 2017.
- ^ "Myntra enters new spaces post merger with Flipkart". moneycontrol.com. Archived from the original on 24 August 2014. Retrieved 4 September 2014.
- ^ Sen, Anirban (9 January 2018). "Flipkart fashion business catches up with Myntra". Livemint. Archived from the original on 14 May 2018. Retrieved 13 May 2018.
- ^ "Myntra Brand Portfolio". Archived from the original on 6 January 2015. Retrieved 6 January 2015.
- ^ Myntra appoints Ananth Narayanan as chief executive Archived 17 November 2017 at the Wayback Machine - The Economic Times
- ^ "Myntra to Shut Down Website, Go App-Only on May 15". NDTV Gadgets360.com. Archived from the original on 14 May 2018. Retrieved 13 May 2018.
- ^ Modhy, Karrishma (20 May 2015). "Will Myntra's move away from desktop cause its downfall? apart from this they have a strong appeal amongst smartphone users with this new approach". Tech.firstpost.com/. FirstPost. Archived from the original on 21 May 2015. Retrieved 21 May 2015.
- ^ Shankar, Besta (21 May 2015). "Myntra Sees 10% Drop in Sales After Moving to App-only Format". International Business Times. Archived from the original on 9 February 2023. Retrieved 21 May 2015.
- ^ Maheshwari, Richa. "Myntra no longer app only, brings back mobile site to woo customers". The Economic Times. Archived from the original on 16 February 2016. Retrieved 16 February 2016.
- ^ "Myntra to manage Esprit in India, curate 15 retail stores". The Economic Times. 28 September 2017. Archived from the original on 13 October 2017. Retrieved 12 October 2017.
- ^ Sen, Anirban (29 September 2017). "Myntra wins rights to manage Esprit stores in India". livemint.com. Archived from the original on 13 October 2017. Retrieved 12 October 2017.
- ^ "Myntra revenue shrunk by 80% to ₹427 crore in FY18". Livemint. 8 January 2019. Archived from the original on 19 January 2019. Retrieved 18 January 2019.
- ^ "'Utha le re baba': 'Offensive' Myntra logo undergoes a change, divided netizens spark meme fest". Archived from the original on 31 January 2021. Retrieved 31 January 2021.
- ^ sushma.un (2 September 2012). "Fashion retailer Myntra.com raises $60 m in third round of funding". thehindubusinessline.com. Archived from the original on 9 February 2023. Retrieved 4 September 2014.
- ^ Khan, Irfan (2 September 2012). "Myntra.com Raises $20Mn In Third Round Of Funding". Private Equity. Archived from the original on 4 September 2014. Retrieved 4 September 2014.
- ^ "E-tailer Myntra.com raises 310 Crores from Ajim Premji and other Investors". news.biharprabha.com. IANS. Archived from the original on 12 March 2015. Retrieved 24 February 2014.
- ^ "Myntra acquires Bengaluru-based Native5". The Hindu. 7 May 2015. Archived from the original on 4 October 2022. Retrieved 25 December 2016.
- ^ "Myntra acqui-hires content aggregation platform Cubeit". VCCircle. 11 July 2016. Archived from the original on 13 July 2016. Retrieved 16 July 2016.
- ^ "Flipkart's Myntra acquires Jabong". 26 July 2016. Archived from the original on 27 July 2016. Retrieved 26 July 2016.
- ^ "Myntra partners Textiles Ministry to promote handloom industry". Moneycontrol. Archived from the original on 18 October 2017. Retrieved 18 October 2017.
- ^ Bureau, BW Online. "Myntra Associates with Ministry of Textiles to Support Weavers and Promote the Handloom Industry". BW Disrupt. Archived from the original on 18 October 2017. Retrieved 18 October 2017.
{{cite news}}:|last=has generic name (help) - ^ "Myntra Acquires Bengaluru-Based InLogg, a Logistics Technology Firm". NDTV Gadgets 360. Archived from the original on 14 May 2019. Retrieved 14 May 2019.
- ^ Sen, Anirban (16 April 2018). "Myntra acquires wearables maker Witworks". Mint. Archived from the original on 14 May 2019. Retrieved 14 May 2019.
- ^ Variyar, Mugdha. "Myntra acquires omnichannel retail platform Pretr". The Economic Times. Archived from the original on 27 June 2021. Retrieved 27 June 2021.
- ^ "Myntra launches 'Fashion Superstar', world's first digital fashion reality show". afaqs!. Archived from the original on 23 October 2019. Retrieved 23 October 2019.
- ^ "Myntra launches 'Fashion Superstar', world's first digital fashion reality show". Indian Television Dot Com. 10 September 2019. Archived from the original on 23 October 2019. Retrieved 23 October 2019.
- ^ "Myntra's reality show Fashion Superstar will broaden the influencer market". Moneycontrol. Archived from the original on 23 October 2019. Retrieved 23 October 2019.
- ^ a b "The Zoom Studios, Myntra join hands to launch digital fashion reality show". The Economic Times. 24 June 2019. Archived from the original on 15 November 2019. Retrieved 23 October 2019.
- ^ "Myntra Fashion Superstar: Top looks from the 3 judges that we are crushing on". www.timesnownews.com. 22 October 2019. Archived from the original on 23 October 2019. Retrieved 23 October 2019.
- ^ "Myntra aims to boost engagement on app with first-ever digital fashion reality show 'Fashion Superstar'". Indian Television Dot Com. 11 September 2019. Archived from the original on 23 October 2019. Retrieved 23 October 2019.
- ^ Tiwari, Saumya (13 September 2019). "Influencers drive fashion buying, says Myntra-Jabong's Nagaram". Livemint.com. Archived from the original on 23 October 2019. Retrieved 23 October 2019.
- ^ IANS (30 June 2019). "Sonakshi Sinha to Judge Digital Fashion Reality Show 'Myntra Fashion Superstar'". India.com. Archived from the original on 23 October 2019. Retrieved 23 October 2019.
- ^ www.ETTelecom.com. "After Flikpart, online retailer Myntra under ED lens for FEMA breach | ET Telecom". ETTelecom.com. Archived from the original on 7 March 2016. Retrieved 2 March 2016.
- ^ "Enforcement Directorates probe on e-comm cos gathers steam". www.moneycontrol.com. Archived from the original on 6 March 2016. Retrieved 2 March 2016.
- ^ "We have no loos, basic facilities, complain Flipkart delivery boys - Times of India". The Times of India. 30 July 2015. Archived from the original on 3 August 2015. Retrieved 2 March 2016.
- ^ "Over 400 Delivery Staff of Flipkart & Myntra Go On Strike. Their Ask? Toilets". NextBigWhat. 31 July 2015. Archived from the original on 21 October 2020. Retrieved 20 October 2020.
Myntra
View on GrokipediaFounding and Early History
Inception as Gift Retailer (2007-2010)
Myntra was established in 2007 in Bengaluru, India, by Mukesh Bansal, Vineet Saxena, and Ashutosh Lawania as an online platform focused on on-demand personalization of gift items.[9][10] The founders leveraged print-on-demand technology to enable customization, targeting corporate and individual clients seeking tailored products for occasions like promotions or events. The company's initial operations centered on a B2B model, supplying personalized merchandise such as T-shirts, mugs, mouse pads, and caps to businesses rather than direct consumer sales.[11] This approach involved partnering with vendors for printing and fulfillment, emphasizing quick turnaround for custom orders amid India's nascent e-commerce infrastructure.[12] Product range remained limited to niche gifting categories, with revenue derived from markup on customized volumes. Early growth was constrained by the specialized nature of the personalized gifts sector, which offered limited scalability due to high dependency on seasonal demand and customization logistics, including delays in printing and shipping. Competition from smaller niche providers and operational hurdles in supply chain coordination further challenged expansion.[13] In late 2007, Myntra secured its first undisclosed funding from Accel Partners and angel investor Sasha Mirchandani to bolster technology and operations. Subsequent seed capital, including contributions from Accel Partners, IDG Ventures, and others totaling around $5 million by 2008, enabled modest scaling of fulfillment capabilities.[14]Pivot to Fashion E-commerce (2011-2013)
In 2011, Myntra shifted its business model from personalized corporate gifts to fashion and lifestyle e-commerce, as the gifts segment proved niche and limited in scalability compared to the burgeoning demand for branded apparel online, fueled by rising internet penetration and consumer familiarity with e-commerce in India.[15] [16] The pivot emphasized higher-margin categories, beginning with footwear and accessories before expanding into clothing, allowing the platform to curate branded products rather than custom personalization.[17] [13] To build its catalog, Myntra forged partnerships with over a dozen brands early on, including Nike (becoming its preferred online partner), Levi's, Reebok, Adidas, Being Human, and Fastrack, enabling exclusive or prioritized access to lifestyle and sports apparel lines.[18] [19] This strategy capitalized on the untapped potential of online fashion merchandising, with the company targeting differentiated offerings like color-specific footwear to differentiate from offline retail.[17] By 2012, the platform had scaled to products from approximately 350 Indian and international brands, reflecting accelerated category expansion into full apparel lines.[20] The transition brought operational hurdles inherent to fashion e-commerce, such as inventory risks from seasonal trends and high return rates stemming from fit inconsistencies across brands, which demanded tighter supply chain coordination with vendors to minimize overstock and waste.[17] Myntra addressed these through vendor-managed inventory models and enhanced product detailing, laying groundwork for data-informed selections without yet relying on advanced predictive tools. This period marked substantial user traction, positioning Myntra as a frontrunner in India's nascent online fashion space by 2013, ahead of broader marketplace consolidation.[21][4]Acquisition and Corporate Evolution
Flipkart Acquisition (2014)
On May 22, 2014, Flipkart acquired Myntra in a transaction valued at approximately $330 million, structured as a full acquisition of the fashion e-commerce platform.[22][23] The deal terms included a mix of cash and stock, though exact proportions were not publicly disclosed, positioning Myntra as a wholly-owned subsidiary of Flipkart while allowing it to maintain separate operations and branding in the short term.[24][5] This move consolidated Flipkart's presence in the burgeoning online fashion sector, where Myntra had established a niche through personalized recommendations and a curated apparel inventory.[25] The strategic rationale centered on accelerating market dominance amid intensifying competition from global entrants like Amazon, which threatened to erode domestic players' shares in India's e-commerce landscape.[25] Flipkart sought to leverage Myntra's specialized fashion expertise and technological capabilities in user personalization to bolster its own general-merchandise platform, while Myntra benefited from Flipkart's superior logistics infrastructure for faster delivery scaling.[26] From a free-market viewpoint, the acquisition exemplified efficient resource allocation in a high-growth sector, enabling the combined entity to achieve economies of scale in inventory management and customer acquisition without regulatory intervention, thereby enhancing competitive responsiveness.[27] Immediate synergies included enhanced cross-promotion opportunities and shared technological resources, contributing to rapid user base expansion as the entities targeted overlapping demographics in urban India.[26] The deal positioned the duo to capture a substantial portion of the online fashion market, estimated at over 50% shortly after closure, by integrating Myntra's fashion-forward algorithms with Flipkart's broader supply chain efficiencies.[28] This operational autonomy preserved Myntra's agility in trend-driven merchandising, avoiding premature integration disruptions.[24]Integration and Ownership under Walmart (2018 Onwards)
In August 2018, Walmart completed its acquisition of a 77% controlling stake in Flipkart for approximately $16 billion, thereby indirectly placing Myntra under the ownership of the U.S.-based multinational retailer.[29] This transaction provided Myntra with enhanced access to Walmart's global capital resources and international supply chain networks, facilitating potential expansions in sourcing premium fashion inventory and operational efficiencies derived from Walmart's retail expertise.[30] Despite this shift, Myntra retained operational autonomy as a standalone fashion-focused platform within the Flipkart Group, allowing it to maintain its specialized branding and avoid full merger into Flipkart's broader general merchandise ecosystem.[31] Under Walmart's overarching influence, Myntra's leadership structure emphasized continuity in its fashion-centric strategy, with Nandita Sinha appointed as CEO effective January 1, 2022, succeeding prior executives while reporting into Flipkart's group leadership.[32] This arrangement preserved Myntra's focus on premium and lifestyle apparel segments, distinct from Flipkart's mass-market offerings, even as group-level synergies in technology and logistics were pursued.[33] Walmart executives affirmed that entities like Myntra would continue independent operations to leverage their niche market positioning, a policy that extended to decisions such as the 2020 shutdown of overlapping fashion platform Jabong to consolidate resources on Myntra.[31][34] Post-2018, Myntra began incorporating Walmart-backed innovations in delivery models, including quick commerce pilots such as "M-Now," tested in select Bengaluru areas starting November 2024 to enable 30-minute apparel fulfillment.[35] These initiatives drew on Walmart's global investments in rapid logistics infrastructure, aiming to adapt hyper-local delivery capabilities to fashion e-commerce without diluting Myntra's core premium identity.[36] By 2025, such efforts underscored a pattern of selective integration, where Walmart's scale supported experimental expansions like international brand outreach while preserving Myntra's entity-specific governance.[37]Business Model and Operations
Platform Features and Services
Myntra functions as a digital marketplace platform specializing in apparel, footwear, beauty products, accessories, and home decor, aggregating inventory from thousands of brands and independent sellers to facilitate direct consumer purchases.[38] The platform emphasizes user-centric services such as a straightforward returns policy allowing exchanges or refunds within 30 days for most items, provided they remain unused and in original packaging, which addresses high return rates typical in fashion e-commerce by enabling hassle-free reversals at the doorstep.[39] Core features include AI-driven personalized recommendations, which analyze user browsing history, preferences, and purchase data to suggest tailored products, thereby streamlining discovery in a category with vast options.[40] Complementing this, augmented reality (AR)-enabled virtual try-on tools allow customers to preview beauty items like lipsticks, eyeliners, and foundations, as well as select apparel, on their devices via camera integration, resulting in reported outcomes such as a 38% increase in engagement time and a 22% reduction in returns for enabled listings.[41][42] These AR capabilities extend to interactive style assistants powered by AI, enabling virtual fitting simulations to mitigate purchase uncertainties.[43] The platform adopts a mobile-first architecture, with its app incorporating advanced search functionalities, dynamic product filters by size, color, price, and trends, and natural language processing for queries like "summer dresses under 1000 rupees."[43] This design supports seamless navigation and high conversion rates, as the app handles the majority of transactions through features like one-tap checkout and wishlist integration.[40] Additionally, Myntra provides premium membership tiers, such as early access to sales events and expedited shipping options, to incentivize repeat engagement among loyal users.[44]Logistics, Technology, and Supply Chain
Myntra relies on Flipkart's Ekart Logistics for the majority of its nationwide delivery operations, integrating Myntra's former logistics arm into Ekart's network following their 2014 acquisition to leverage shared infrastructure for efficient fulfillment.[45][46] Ekart handles approximately 65-70% of combined Flipkart-Myntra shipments, enabling scalable last-mile delivery across India through a network of fulfillment centers and third-party partners.[47] In response to intensifying competition from quick commerce players, Myntra invested in its M-Now service launched in late 2024, targeting 30-minute deliveries for fashion items in select urban areas like Bengaluru and Hyderabad by mid-2025, utilizing dark stores and third-party logistics for rapid B2B and consumer restocking.[48][49] These efforts, including expansions to over 500 brands and 8,000 styles in key cities, aim to shorten standard 2-3 day delivery windows while contending with margin pressures from rapid infrastructure buildup.[50][51] Myntra employs machine learning algorithms, including deep neural networks and tree-based models, for demand forecasting of new fashion items and inventory optimization, which has minimized stockouts during seasonal peaks by predicting sales based on historical patterns, browsing data, and external factors like trends.[52][53] These technologies also support return prediction models, incorporating item embeddings to reduce overstock and enhance supply chain efficiency, contributing to FY25 profitability gains through AI-driven logistics refinements.[54][55] Supporting these systems, Myntra's technology operations in Bangalore include senior software developers specializing in Java microservices for backend development, with salaries for those with 3 years of experience typically ranging from ₹24 lakhs to ₹34 lakhs per annum CTC; averages for senior roles with 2-7 years experience reach ₹34-38 lakhs, with monthly take-home pay around ₹2.4 lakhs after deductions, varying based on negotiation, bonuses, and stock options.[56][57] The platform maintains supply chain partnerships with over 500 global and domestic brands, alongside local manufacturers, to source and distribute apparel via a hybrid model of direct vendor shipments and centralized warehouses, processing high-volume orders amid festive surges without specified monthly figures but aligned with e-commerce benchmarks for timely fulfillment.[49][58] This structure emphasizes scale-driven efficiencies, such as real-time pricing adjustments tied to demand signals, to handle variable fashion inventories while prioritizing verifiable reductions in average delivery latency.[59]Growth and Financial Performance
Market Expansion Milestones
Following the 2014 acquisition by Flipkart, Myntra experienced rapid expansion in its user base, growing from millions of early adopters to over 50 million users by 2020 through enhanced platform accessibility and targeted marketing.[60] This surge was bolstered by annual sales events like the Big Fashion Festival, which drove substantial new user acquisition; for instance, the 2024 edition added over 1.5 million new customers, while the 2025 event attracted 2 million more, with 70% of orders originating from non-metro regions, reflecting deeper penetration into tier-2 and tier-3 cities.[61][62] By 2019, Myntra had diversified beyond apparel into beauty and home decor categories, with investments in beauty starting as early as 2017 to build a comprehensive portfolio of cosmetics and skincare offerings, complemented by home products like bedding and furnishings.[63][64] These category expansions, alongside international sourcing for premium fashion lines, helped solidify Myntra's dominance, securing an estimated 30-35% share of India's online fashion market by the mid-2020s.[65] In 2024, Myntra's user base surpassed 100 million, fueled by initiatives targeting younger demographics, including a doubling of its Gen Z customers to 16 million via collaborations with over 25,000 micro-influencers in niches like streetwear and skateboarding.[60][66][67] The introduction of M-Direct that year enabled direct partnerships with premium brands for exclusive distribution, further enhancing category depth and active user engagement amid rising e-commerce adoption.[11]Revenue, Profitability, and Key Metrics (Up to FY25)
Myntra Designs Private Limited reported operating revenue of Rs 6,043 crore for the fiscal year ended March 31, 2025 (FY25), marking an 18% year-over-year (YoY) increase from Rs 5,122 crore in FY24.[68][69] This growth was supported by expansions in marketplace services, which rose 15.6% to Rs 2,052 crore, and advertising income, which surged 28% to Rs 914.5 crore.[70] Logistics and supply chain fees also contributed, amid operational efficiencies that limited expense growth to below revenue pace.[68] Net profit for FY25 reached Rs 548 crore, an approximately 18-fold increase from Rs 31 crore in FY24, reversing prior losses through cost controls, reduced cash burn, and a deferred tax credit of Rs 135 crore.[69][71] This turnaround built on FY24's shift to profitability, where Myntra posted Rs 31 crore profit after a Rs 782 crore loss in FY23, aided by Flipkart Group synergies under Walmart ownership, including shared technology and logistics infrastructure.[72][73]| Fiscal Year | Operating Revenue (Rs crore) | Net Profit/Loss (Rs crore) |
|---|---|---|
| FY23 | 4,465 | -782 |
| FY24 | 5,122 | 31 |
| FY25 | 6,043 | 548 |