📈 Revenue Soars in FY24
Myntra’s revenue grew by 15% in FY24 to $617.8M, up from $538.7M in FY23. Including other income of $6.2M, Myntra’s total income stood at $624M. Key drivers included a strong marketplace model and increasing revenue from ads, logistics, and its private label.
📉 Expenses Cut for Profitability
Myntra slashed overall expenses by 3%, reducing costs from $636M in FY23 to $620.3M in FY24. Material costs fell 8% to $241M. Advertising spend dipped 5% to $203M, while employee expenses rose by 8% to $97M, reflecting investments in talent for growth.
🚀 Innovations in Quick Commerce
Myntra introduced “M-Now,” a rapid delivery service offering 30-minute to 2-hour deliveries in major cities. This innovation, launched in November, aligns with the quick commerce trend, keeping Myntra competitive in the fast-paced fashion marketplace.
🛒 Marketplace Success & Flipkart Backing
Founded in 2007 and acquired by Flipkart for $240M in 2014, Myntra thrives as a marketplace. Vendors pay transaction fees, and revenue streams include ads, logistics, and consulting. The Flipkart ecosystem and tech upgrades have fueled Myntra’s sustained growth.
What does Myntra's success mean for India’s ecommerce?
