12 January 2022, Mumbai:
Flipkart-backed fashion ecommerce platform Myntra’s consolidated revenues grew by 45 per cent to Rs 2,466.6 crore in the financial year ending on March 31, 2021. As per a Inc4 report, Myntra narrowed its loss by 42 per cent during the year from Rs 744.4 crore in FY20 to Rs 429 crore in FY21.
Operated by Myntra Designs, the fashion ecommerce platform earned Rs 2,407 crore from its revenue operations. It incurred a total expenditure of Rs 2,891.6 crore as against Rs 2,462.9 crore in FY20.
The rise in the considerable amount of earnings along with drop in loss can be attributed to strong rise in ecommerce demand on the back of the pandemic. The onset of pandemic has brought in prolonged lockdowns in 2020, resulting in shutting down of retail outlets across the world. This has led customers beyond Tier II cities to opt for ecommerce sites to order their needs.
Aggressive sales during the festive seasons in 2021, where ecommerce players slashed product prices significantly to take on their competitors also led people to buy more from these marketplaces.
As per a report by Bobble.ai, which has processed data from 50 million smartphones, Indian ecommerce business has surged 77 per cent between 2020 and 2021 with more transactions happening in Tier II and III cities.
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