Fashion e-commerce platform Myntra’s income increased by 25% to Rs 4,375.3 crore in FY23. However, the company’s loss increased from Rs 597 crore to Rs 782.4 crore. Myntra’s total loss in the last several years has now increased to Rs 5,869.4 crore.
Company’s expenses also increased
Its expenditure increased from Rs 4,207 crore in FY22 to Rs 5,290 crore in 2022–23. The main reason behind this is the expenditure on employee benefits and the cost of raw materials.
According to the statement issued by the company, the continuity of the group’s business depends on the success of its operations and its ability to arrange funds for its operations.
Trust received from Flipkart Pvt.
According to the statement, based on the letter and commitment of financial support received from the intermediate holding company Flipkart Pte., Singapore, the management is confident of meeting its operating and capital funding requirements in the future.
Myntra is a fashion subsidiary of Flipkart and competes with Nykaa, Meesho and Reliance’s Ajio in online fashion retail.
