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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.

Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable

EntrackrEntrackr · 18h ago
Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable
Medial

Exclusive All Stories Exclusive: BigHaat crosses Rs 1,100 Cr revenue in FY25; turns EBITDA profitable Full-stack agritech platform BigHaat Agro posted a flat scale with single-digit year-on-year growth in the fiscal year ending March 2025. However, the Bengaluru-based company managed to narrow its losses by over 25% during the last fiscal year. According to its co-founder Sateesh Nukala, BigHaat has crossed the Rs 1,100 crore revenue threshold in FY25 from Rs 1,050 crore in FY24. BigHaat’s revenue split consists of 85% of revenue coming from farm produce sales, with agri-inputs, which is direct to farmers, and digital only contributing 15%. The platform now counts 3 million monthly active farmers and reported 15% gross margins in FY25, said Nukala in an interaction with Entrackr. Nukala highlighted that exports and advanced processing, a high-margin vertical launched in FY25, now contribute 20% to its monthly revenue. “We have reduced our net loss to Rs 25 crore in FY25 from Rs 35 crore in FY24 and turned EBITDA positive for the last three quarters,” said Nukala. He also added that BigHaat is among the few agritech startups to achieve profitability at scale with 6x revenue-to-capital efficiency. As per Nukala, the company is targeting Rs 1,400 crore in FY26, with spices emerging as a key growth driver. “We are also open to acquisitions of new brands to strengthen our portfolio,” he emphasized. BigHaat has raised around $25 million to date. In January 2022, it raised Rs 100 crore led by JM Financial. Beyond Next Ventures, Ashish Kacholia, Ankur Capital, and others are some notable investors for the firm. This contrasts with larger peers. DeHaat, India’s most valued agritech startup, clocked Rs 2,675 crore revenue in FY24 but with losses of over Rs 240 crore. Ninjacart, backed by Walmart and Flipkart, crossed Rs 2,000 crore revenue in the same fiscal but recorded a Rs 259.6 crore loss. By combining steady topline growth, improving margins, and sustained EBITDA profitability, BigHaat is positioning itself as one of the few agritech ventures balancing scale with financial discipline, while many peers continue to burn capital at larger scales.

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