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Fashion giant Myntra records 60 Mn monthly users during festive season
Inc42
·
1y ago
Medial
Fashion ecommerce major Myntra recorded 60 million monthly active users during the festive season, with a growth of 100% YoY in its loyal customer base in the past 18 months. The Gen Z fashion segment witnessed a surge in demand and a 175% YoY growth in customers. Myntra aims to attract 10 million Gen Z users and exceed 100,000 styles on its app-in-app feature, FWD, by 2023. The company achieved a 70% YoY growth in its direct-to-consumer space and introduced AI-led features. Myntra faced competition from Ajio, Tata CliQ, and Nykaa Fashion.
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Quick fashion delivery startup ZILO raises $4.5 Mn in Seed round
Entrackr
·
5m ago
Medial
Fashion-tech startup ZILO has secured $4.5 million in seed funding led by Info Edge Ventures and Chiratae Ventures. The proceeds will help ZILO reach product-market fit, strengthen its hybrid supply chain, build brand partnerships, and expand beyond Mumbai to other major Indian cities this year. Founded by Padmakumar Pal, a former VP at Flipkart and Myntra, and Bhavik Jhaveri, a serial entrepreneur, ZILO offers quick delivery of fashion items from over 250 brands like Levi’s, Puma, United Colors of Benetton, and The Souled Store. According to ZILO, customers can receive orders in under 60 minutes, try items at home, and return unwanted products instantly. ZILO operates through dark stores and brand outlets to fulfill orders locally and promises only fresh, in-season products. It plans to stock nearly 100,000 styles and expand into categories like footwear and accessories by the festive season.
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Fashion ecommerce giant Myntra turns EBITDA positive in the last 2 quarters
IndianStartupNews
·
1y ago
Medial
Myntra, the fashion ecommerce giant owned by Flipkart, has announced operational profitability for the last two quarters of 2023. Key factors contributing to this success include a doubling of Gross Merchandise Value (GMV), an expanding customer base, a focus on premium products, and strategic partnerships. Myntra has also seen a significant increase in monthly active users, particularly in non-apparel segments. Despite increased losses, operating revenue grew by 25% to Rs 4,375 crore. Myntra's emphasis on technological innovation, including features like MyFashionGPT and AI Stylist, has helped solidify its position in the market.
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Startup news and updates: daily roundup (August 26, 2024)
YourStory
·
1y ago
Medial
Velocity, a financing platform, has set aside Rs 400 crore to provide funding for direct-to-consumer (D2C) and ecommerce brands during the festive season sales. This allocation is an increase of over 60% compared to the previous year, indicating higher expectations for this year's festive season. The financing will support brands on various ecommerce platforms, allowing them to expand their product range, improve delivery times, and take advantage of emerging trends. Additionally, InsuranceDekho has launched Heph, a SaaS platform designed to streamline operations for insurance distributors. Fintech startup POP has achieved a monthly run rate of one million UPI transactions.
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Myntra’s Marketplace Entity Turns EBITDA Positive In Q4 2023
Inc42
·
1y ago
Medial
Fashion ecommerce platform Myntra, owned by Flipkart, saw its net loss increase over 30% YoY to INR 782.4 crore ($105.9 million) in FY23, while operating revenue rose 25% to INR 4,375.3 crore ($588.9 million). Myntra's marketplace entity turned EBITDA positive since Q4 of CY23. The company witnessed a 33% surge in monthly active users, reaching 60 million at the end of 2023. Myntra aims to expand into non-metro cities, cater to GenZs, and increase its share of non-apparel segments. Myntra also reported growth in D2C, beauty, and home categories, as well as partnerships with international brands and the acquisition of the franchise rights for UK's NEXT.
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Ahead of festive season, Myntra introduces zero-commission model for some ethnicwear brands - The Economic Times
Economic Times
·
3m ago
Medial
Myntra has launched a zero-commission model for select women's ethnicwear brands, under its Myntra Rising Stars programme, to boost sales during the festive season. Available for brands selling on their own platforms, the initiative provides strategic support, quicker payments, and enhanced visibility, while leveraging Myntra's delivery network. This model, in effect for three months from August 15, aims to onboard 500 digital-first brands, as Myntra competes with platforms like Amazon and Meesho.
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Myntra turns Ebitda positive aided by rising user base, brand tie-ups
Livemint
·
1y ago
Medial
Fashion e-commerce platform Myntra announced that it achieved operational profitability in Q4 of 2023 due to factors such as an expanded customer base, partnerships with domestic and international brands, premiumization, and advancements in technology integration. While specific Ebitda figures were not disclosed, Myntra reported a 25% increase in revenue to ₹4,375 crore for FY23, and monthly average users rose by 33% to around 60 million. The company plans to diversify product offerings, increase market share in non-apparel categories, and expand into non-metro areas. Technological advancements, such as AI features, have also improved user engagement.
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Festive season a boost for second-hand electronics sellers, but buyers undecided
Livemint
·
1y ago
Medial
Refurbished electronics sellers in India are expecting increased business during the festive season. ReFit Global plans to sell over 350,000 units in the last three months of the year, while Cashify may double its smartphone procurement numbers. The festive season typically sees a 30-40% increase in demand for refurbished items, particularly in tier-2 and tier-3 cities. Refurbished devices offer a cost-effective way for users to access trendy smartphones and laptops. Additionally, the availability of monthly payment options further contributes to the attractiveness of refurbished devices.
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ETtech Explainer: Why are ecomm, food delivery firms hiking platform fees ahead of festive season? - The Economic Times
Economic Times
·
3m ago
Medial
Swiggy, Zomato, and Myntra have increased platform fees ahead of the festive season to counter rising operational costs and enhance profit margins. Swiggy's fee is now Rs 15, Zomato's is Rs 12, and Myntra's is Rs 25. These hikes align with periods of higher consumer spending when users are less likely to resist additional charges. The increased fees help these companies manage seasonal costs and bolster profitability during peak demand times.
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Phishing you a Happy Diwali: AI advancements pave the way for cybercriminals
Economic Times
·
1y ago
Medial
- Cyberattacks and frauds are increasing during the festive season in India. - AI-enabled technology, including deepfakes, is making it harder to spot scams and social engineering attempts. - AI-powered fraud can lead to the theft of personal and financial information. - Web scraping activities, fake reviews, and fraudulent travel and accommodation sites are common during the festive season. - AI facilitates automated and scalable scam operations, voice scams, and adaptive tactics. - Users should exercise caution during the festive season, be wary of phishing attempts, and avoid sharing personal information or making payments on suspicious websites.
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Meesho's festive sale sees record orders on first day, 100% up on year
Economic Times
·
1y ago
Medial
Ecommerce platform Meesho saw a surge in orders during its festive season sale, with nearly double the number of orders compared to last year. The company reported a record-breaking start to its Mega Blockbuster Sale, with about 6.5 crore unique customers on the first day. Nearly 45% of the orders came from first-time customers. Meesho's success comes as Amazon and Flipkart also kick off their festive season sales, with ecommerce platforms anticipating increased demand for high-value items like electronics and fashion. A survey showed that 71% of Indians plan to shop online this festive season.
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