Myntra Reports Ebitda-Level Profitability In Last Two Quarters
Myntra says it has been growing faster than the online fashion market since the second half of 2023.
Myntra has turned Ebitda positive in the past two quarters, owing to a rise in customers led by brand associations, according to the company.
In a blog post on Thursday, the Flipkart-owned fashion marketplace said it has turned Ebitda positive since the last quarter of the calendar year 2023 on the back of a growing customer base, domestic and international brand associations, tech-led innovations and a strong foothold among premium fashion-forward customers.
Myntra has tied up with brands like Mango, H&M, Ralph Lauren and Calvin Klein, among about 50 others, in 2023 and launched a differentiated app-in-app proposition for Gen Z, termed FWD.
The Bengaluru-based marketplace said it has been on a "strong growth trajectory, growing faster than the online fashion market since the second half of 2023, with gross merchandise value growth nearing twice that of the market during the recent festive season."
It has also seen a 33% surge in monthly active users, rising from 4.5 crore in 2021 to about 6 crore by the end of 2023.
"Accomplishing this feat while working in a profitable manner not only speaks volumes about our commitment... but is also a testament to the success of our customer-first approach, ability to invest in the right growth engines and financial resilience, which has held us in good stead," Myntra Chief Executive Officer Nandita Sinha said.