🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Myntra claims positive EBITDA in the last two quarters

EntrackrEntrackr · 1y ago
Myntra claims positive EBITDA in the last two quarters
Medial

Myntra, the e-commerce platform owned by Flipkart, has announced that it turned operationally profitable in the last two quarters of the calendar year 2023. Along with this, its gross merchandise value (GMV) also grew approximately 2X during the said period. The growth was majorly driven by expanding customer base, premiumization, collaborations with domestic and international brands, and advancements in technological integration, the company said in a blog post. Myntra did not disclose specific EBITDA (earnings before interest, taxes, depreciation, and amortization) numbers. As per the startup intelligence platform TheKredible, Myntra recorded 25% growth in scale to Rs 4,375 crore during FY23 as compared to Rs 3,501 crore in FY22. However, the company’s losses went up 31% to Rs 782.4 crore in FY23 against Rs 597.6 crore in FY22. In 2023, Myntra claimed a 33% surge in its monthly average users, reaching approximately 60 million, up from around 45 million in 2021. Founded by Mukesh Bansal, Vineet Saxena, and Ashutosh Lawania, Myntra has a portfolio of over 6,000 brands and it delivers to over 19,000 pin codes across India. Moving forward, Myntra is strategizing to expand its product range tailored to different user demographics, boost its presence in non-apparel segments, and further enhance its premium fashion offerings by integrating beauty, international brands, and direct-to-consumer (D2C) lines. Additionally, the company aims to extend its market reach to non-metro areas. In July 2023, Myntra underwent an internal restructuring, resulting in the termination of approximately 50 employees. The restructuring affected roles across various verticals, with a significant impact on the private label business.

Klub aims to disburse Rs 200 Cr this festive season

EntrackrEntrackr · 1y ago
Klub aims to disburse Rs 200 Cr this festive season
Medial

Revenue-based financing platform Klub is set to disburse Rs 200 crore for this year’s festive season. The platform had disbursed Rs 100 crore in the last festive season which aimed to enhance sales on major e-commerce platforms, including Amazon, Flipkart, and Myntra. The disbursal will aid SMEs in maintaining inventory and pre-planning marketing efforts to meet the surged demand during India’s festive season, Klub said in a press-release. Klub plans to infuse the funds into D2C brands across more than 45 sectors. In 2023, Klub invested in sectors such as beauty & personal care, fashion & apparel, and cloud kitchens & restaurants. The brands that secured investment include Monrow Shoes, BRB Chips, Berrylush, and potful. The Bengaluru-based firm offers funding up to Rs 30 crore in a single tranche and works on multiple capital structures suited to the brand and founder, including term loans, credit lines, revenue financing, and more. Its initiative is in collaboration with its supply partners, particularly leading NBFCs such as U GRO Capital. According to market research, the growth in festive sales is anticipated around 10-12% and the e-commerce industry is expected to surge $111 billion this year. Co-founded in 2019 by Anurakt Jain and Ishita Verma, Klub is a revenue based financing platform which provides flexible funding up to Rs 30 crore to digital businesses and SMEs with recurring revenue. The company partners with NBFCs, HNIs, financial institutions, and its own SEBI registered fund to provide growth capital. The platform offers different capital structures for businesses across all stages (early, growth, & late) for recurring marketing, inventory, and capex expenses. Klub claims that it has deployed more than 1,700 investment rounds enabling growth for more than 650 brands. It raised $20 million in seed funding round from Peak XV’s growth program Surge, Alter Global, GMO Venture Partners, and 9Unicorns back in 2021. Klub directly competes with GetVantage, Velocity, Clearco, CRED Mint, Wayflyer, and KredX.

Download the medial app to read full posts, comements and news.