In FY21, Myntra saw a 45 percent increase in revenue to INR 2,466 crore, thanks to strong user demand.
- ByStartupStory | January 11, 2022
Myntra, the Flipkart-backed fashion ecommerce platform, had a consolidated revenue of INR 2,466.6 crore in the fiscal year that ended on March 31, 2021.In comparison to the overall earnings of INR 1,718.5 Cr in FY20, this is nearly a 45 percent increase in the pandemic-wrecked year.In addition, Myntra reduced its loss by 42 percent in FY21, from INR 744.4 Cr in FY20 to INR 429 Cr in FY21.
According to a Statista analysis, customer expenditure in the ecommerce industry decreased significantly in April (2020). However, by the end of the year, expenditure had only improved. It should be remembered that India implemented its first lockdown in March 2020.
Aside from that, intense discounts throughout the Christmas seasons of 2021, when ecommerce players dropped product prices dramatically to compete with their competitors, led to customers buying more from these marketplaces.
According to a survey by Bobble.ai, which analysed data from 50 million cellphones, the Indian ecommerce market grew by 77% between 2020 and 2021, with more transactions taking place in Tier II and III cities.
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