BENGALURU: Flipkart-owned Myntra’s revenue for the year ended March 2018 fell sharply by 80% to just Rs 427 crore, the latest regulatory documents show.
The company’s revenue had zoomed almost 90% to Rs 2,000 crore in the previous year.
Myntra said these data points for 2018 are partial and doesn’t give the entire picture of the company. “Myntra and Jabong continue to grow at a healthy rate with a firm focus on delivering the best of fashion and lifestyle for our customers. We are moving forward in our strategic direction as per plan and remain committed to adding value to our customers and brand partners by transforming fashion e-commerce in the country,” the company said.
Myntra’s losses, at Rs 151 crore, were down by 76%. Its total expenses stood at Rs 926 crore. These documents of Myntra Designs, which runs the online platform Myntra, were sourced from business intelligence platform Tofler. Previously Myntra executives had said that the company would turn profitable at the end of March 2018.
Myntra Design’s primary source of revenue comes from the marketplace fee it gets from sellers who list their products on its platform. Sellers like Tech-Connect Retail, and the business-to-business fashion arm Myntra Jabong are also critical to the overall growth of Myntra.
The development was reported by ETRetail.com