Flipkart-owned e-commerce platform Myntra reported a wider loss of Rupees 782.4 crore in FY22-23, compared to a loss of Rupees 597.6 crore the preceding year, even as revenue surged 25% year-on-year.
Revenue from operations came at Rupees 4,375.3 crore in FY23, compared to Rupees 3,501.2 crore a year ago, according to its RoC filing sourced from Private Circle. The loss was driven by 26% rise in total expenses to Rupees 5,290 crore during the year.
Cost of materials consumed rose to Rupees 2,165.7 crore from Rupees 1,770.3 crore earlier. Employee-related costs also rose to Rupees 631.8 crore, compared to Rupees 522.5 crore in the previous year.
Myntra competes with a range of e-commerce platforms such as AJIO, Amazon, Meesho and LimeRoad. Its rival Meesho recently put up its financials on a blog post, which showed that the company nearly halved its losses by 48% to Rupees 1,675 crore in FY23, from Rupees 3,248 crore a year ago.
The company reined in expenses like customer acquisition, server and infrastructure costs to cut down the burn. Revenue from operations jumped 77% to Rupees 5,735 crore in FY23, boosted by increased transaction idening category mix and improving monetisation via value-added seller services.
