Flipkart-owned Myntra has consolidated its recent losses to Rs. 178.7 crore for 2017-18. The revenue for the year ended March 2018 fell by 80 per cent to just Rs. 427 crore, according to documents filed with the corporate affairs ministry.
The platform has cut down its net losses by more than a third while at the same time improving its revenues by around three-fold. The net loss for FY17 was Rs. 655.86 crore. This comes without much increase in the overall expenses that stood at Rs. 953.2 crore as compared to Rs. 861.9 crore in the previous accounting period, which shows that the company has managed to register healthy growth despite cutting down on the expenses.
“The total revenue from continuing operations of the company during the year 2017-18 was around 3.5 times its revenue from operations for the previous year,” the company said. Myntra attributed the growth to the firm’s strategic initiative of hiving off its B2B business and focusing on its marketplace operations and also actively exploring and partnering with various brands for providing consultancy services.
The positive show by the online marketplace comes after the revised e-commerce policy that bars the e-commerce players to sell the products by the firms in which they own a stake.
Myntra’s major part of the revenue comes from the marketplace fee it gets from sellers who list their products on the platform.
