80% Year-On-Year Growth Propelling Myntra To Profitability
Myntra has witnessed 80% year-on-year growth, with an industry-leading revenue run rate of $ 1 billion, announced Myntra CEO Anant Narayanan, at Myntra’s 5th Annual Brand Summit-Tech Threads, in Bengaluru on Thursday.
The main factors behind this rapid growth were the acquisition of Jabong by Myntra and its turnaround, besides the recently concluded festive season.
“We are at the forefront of fashion in India today, with over 18 million active users each month. Our unique approach to leverage technology to decode fashion has helped us become the fastest growing online fashion platform. Myntra, Jabong and Flipkart together have 70% market share in the country today and will continue to grow this by empowering brands and customers. We are on track to achieve scalable and sustainable growth and will be EBITA positive in FY18,” said Narayanan.
During this phase of growth, Myntra has introduced several features to enhance customer experience. Using technology to empower its customers and brands, it has leveraged Artificial Intelligence (AI) and Machine Learning for a personalised shopping experience, better product discovery and assisted buying for its customers.
Myntra also provides brand performance and analytics support, besides customer insights to develop a loyal fan base and enable engagement – to its brand partners. In line with this strategy, Myntra had launched a new portal which would provide brands with customised insights and competitive intelligence reports to manage their performance on the platform.