Myntra crosses $1bn GMV; aims to be EBITDA positive in FY18
As we enter into the New Year, we take a look back at Myntra’s pace of growth and transformation in the year that went by
As we enter into the New Year, we take a look back at Myntra’s pace of growth and transformation in the year that went by.
The online shopping portal grew by leaps with 80 percent growth year-on-year
In the month of October, Myntra clocked in $1 billion+ GMV run rate with higher full price sale @2X of horizontals.
“The year also saw Myntra hit a higher NPS score of +20 over the closest horizontals. The brand has achieved a monthly active user base of 18 million and over 30 million app downloads and 50 million page views per day,” recalls Ananth Narayanan, CEO, Myntra and Jabong.
Narayanan has been setting even more ambitious targets for the next fiscal given the momentum that has come to play. The acquisition of Jabong has seen a successful turnaround and a return to growth path for the company even as synergies helped strengthen portfolio and benefit from technology integration.
Narayanan added, “We are at the forefront of fashion in India today with over 18 million monthly active users. Our unique approach to leverage technology to decode fashion has helped us become the fastest growing online fashion platform. Myntra, Jabong and Flipkart together have 70% market share in the country today and will continue to grow this by empowering brands and customers. We are on track to achieve scalable and sustainable growth and will be EBITDA positive in FY18.”
Currently, 200+ brands leverage Myntra’s platform to engage with customers, two million followers across top 20 brands, 12 million post interactions per month, higher click through rates than other social media channels.
Narayanan foresees the next five years to see significant increase in number of brands in the country. Myntra will leverage technology to empower its customers and brands. “For customers, we are leveraging Artificial Intelligence (AI) and Machine Learning for a personalised shopping experience, better product discovery and assisted buying. We have has introduced several features to enhance customer experience resulting in Myntra being 20 points ahead on NPS than the industry,” said Narayanan.
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