The firm had reported Rs 3,501 crore in operating revenue a year ago, while incurring a total loss of Rs 597 crore, according to filings sourced by business intelligence platform Tofler.
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Total expenses in FY23 rose to Rs 5,290 crore, up from Rs 4,206 crore in the previous year.
Myntra, which sells apparel, accessories and footwear among other products, spent Rs 1,758 crore in advertising and promotional expenses in FY23, up 35% from a year ago, the biggest single contributor to its total expenses. Its employee expenses also rose to Rs 631 crore, against Rs 522 crore in the previous year.
The platform competes with the likes of Ajio, Tata Cliq and Meesho’s Mall vertical in the fashion category. It also competes with a plethora of D2C firms that try to get customers on their own platforms.
In comparison, Meesho’s loss for FY23 narrowed by 48% to Rs 1,675 crore, while operating revenue grew 77% to Rs 5,735 crore. Myntra’s parent firm, Flipkart, reported a 42% growth in operating revenue for FY23 to Rs 14,845 crore for its main marketplace arm, while total loss narrowed by 9% to Rs 4,026 crore.
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Myntra has been experimenting with new features and verticals like FWD and Myntra Minis to increase the app’s usage and attract new customers like those from the GenZ age group. In July, ET reported that the firm was undertaking an internal restructuring that saw 50 employees being laid off, with the in-house brands vertical getting hit the hardest. These changes were part of a new strategy at Myntra to focus on select private labels instead of scaling a plethora of in-house brands it had started in the apparel space.
In September, ET had reported that the firm was experimenting with its fee for product returns imposed on customers with high return rates. Fashion, compared to segments like smartphones, electronics and appliances, sees a higher rate of return across the ecommerce industry.