Myntra, a fashion etailer owned by Flipkart, has posted a loss of INR 539.20 crore in FY18-19, against INR 151.22 crore in the previous year, reported ET.
Whereas, Myntra’s revenue just doubled to INR 1,041.10 crore in FY19 against INR 398.33 crore in FY18, as per the sources.
Headquartered at Bengaluru, Myntra is an Indian fashion e-commerce company, aims to sell personalised gift items.
The company, which was acquired by Walmart in 2018, highlights the possible synergies that can be expected now with 77 per cent of the Flipkart group being owned by the world’s largest retailer.
The company Myntra also reported a surge in its benefit expenses to INR 425.20 crore in FY19 from INR 279.39 crore in the previous financial year.
However, according to Myntra, the overall expenses for the fiscal were at about INR 1,628 crore.
Furthermore, Myntra along with Jabong and Flipkart Fashion commands major market share in the Indian online fashion market. The company, following the Walmart acquisition witnessed restructuring and leadership changes in December.
Besides, Myntra, other startups, operating under the similar objective include Paytm Mall, ShopClues, Club Factory, Amazon, and many more.