Myntra revenue jumps 58 percent to Rs 1,719 crore
Walmart-owned online fashion retailer Myntra Designs Private Limited witnessed a 58 percent jump in its revenue to Rs 1,719 crore ($233.4 million) for the financial year 2019-20, as against Rs 1,089 crore it had reported for the financial year ended March 2019.
Despite the rise in revenue, Myntra saw its net loss widen by 38 percent to Rs 744 crore for the financial year, as compared to a consolidated loss of Rs 539 crore it reported the previous fiscal.
The company’s total expenses for the fiscal were reported as Rs 2,463 crore, according to Myntra’s filing with the Registrar of Companies.
Myntra generates most of its revenue from services related to the marketplace, logistics, and consultancy to various brands.
The company has been making significant investments in the overseas markets as it looks to trim its losses going forward.
“The company has strategically invested in Myntra Inc, USA, in the state of Delaware. The firm has made investment amounting to $48.75 in the paid-up share capital of Myntra Inc which comprises 4,875,000 equity shares,” the company said in its filing documents.
Myntra recently hosted its flagship sale event End of Reason Sale (EORS) and claimed it witnessed a record-breaking number of visitors and registered a massive growth of more than 110 percent over BAU (business-as-usual).
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