Online fashion retailer Myntra has narrowed its consolidated losses to Rs 178.7 crore for 2017-18, compared with a loss of Rs 655.8 crore in the previous fiscal, according to documents filed with the corporate affairs ministry.
Flipkart’s Myntra narrows consolidated losses to Rs 178.7 crore for 2017-18
The Flipkart-owned company saw its total income grew nearly threefold to Rs 427.4 crore in 2017-18 as against Rs 155.6 crore in the previous financial year, showed the documents, accessed by business intelligence platform Tofler.
“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.
It attributed the growth to the company’s strategic initiative of hiving off its B2B business and focusing on its marketplace operations.
The company had sold its wholesale B2B trading business, together with all the assets and liabilities attributable to such business, on a going and “as is where is” basis to Myntra Jabong India Pvt Ltd during the financial year 2017-18, the documents said.
“The company now continues to focus on its marketplace operations and is also actively exploring and partnering with various brands for providing consultancy services,” it added.