Myntra Revenue Jumps 25%, Loss Widens To Rs 780 Crore In 2022–23
The management is confident of meeting its operating and capital-funding requirements, Myntra says.
Fashion e-commerce platform Myntra's revenue from operations grew 25% to Rs 4,375.3 crore in the last financial year.
The Walmart-backed firm's loss, however, widened to Rs 782.4 crore from Rs 597 crore in fiscal 2023, according to filings sourced from PrivateCircle Research. Myntra's accumulated loss has now grown to Rs 5,869.4 crore.
Its expenses increased to Rs 5,290 crore in 2022–23 from Rs 4,207 crore in fiscal 2022, largely on higher employee-benefit expenses and the cost of raw materials.
"The group's ability to continue as a going concern is dependent upon the success of operations and (the) group's ability to arrange funding for its operations," Myntra said in a statement.
"Based on the commitment and letter of financial support received from Flipkart Pvt., Singapore, the intermediate holding company, (the) management is confident of meeting its operating and capital-funding requirements in future."
Myntra is Flipkart's fashion arm and competes with Nykaa, Softbank-backed Meesho and Reliance's Ajio in the crowded online fashion retail space.
