The Myntra Business Model of Fashion, Advertising and Shipping
Where Myntra's Rs 5,242.5 crore of FY26 revenue comes from, and where it goes
Key Takeaways
- FY26 revenue from operations fell 13.5% to ₹5,242.5 crore.
- Marketplace services made up 50.7% of FY26 revenue from operations.
- Advertising revenue rose 35.2% to ₹1,236.4 crore in FY26.
- Myntra posted a ₹579.4 crore net loss in FY26, after a profit in FY25.
Table of Contents 13 sections
- Myntra at a glance
- What Myntra does
- How Myntra makes money from four revenue lines
- Myntra revenue model for advertising
- Myntra business model canvas
- Where Myntra's money goes
- Is Myntra profitable? Revenue and net result
- Myntra in numbers
- Myntra's journey so far
- Who Myntra competes with
- Challenges Myntra faces
- Conclusion on the Myntra business model
- FAQs
The Myntra business model earns money from marketplace services, advertising and logistics and shipping on a fashion and lifestyle platform owned by Flipkart. In FY26 Myntra reported revenue from operations of Rs 5,242.5 crore and a net loss of Rs 579.4 crore.
A year earlier, in FY25, Myntra reported a net profit of about Rs 548 crore. Advertising revenue was Rs 1,236.4 crore in FY26, up 35.2%.
Myntra at a glance
| Detail | Myntra |
|---|---|
| What it does | Online fashion, beauty and lifestyle platform that sells products from brands |
| Founded | 2007, in Bengaluru |
| Founders | Mukesh Bansal, Ashutosh Lawania and Vineet Saxena |
| Owner | Flipkart, which acquired Myntra in May 2014 |
| Head of Myntra | Sharon Pais, named in April 2026 |
| FY26 revenue from operations | Rs 5,242.5 crore, down 13.5% from Rs 6,063.8 crore in FY25 as shown in the FY26 accounts |
| FY26 net loss | Rs 579.4 crore (FY25: net profit of about Rs 548 crore) |
| FY26 advertising revenue | Rs 1,236.4 crore, up 35.2% from Rs 914.5 crore |
| Quick delivery | M-Now, which promises delivery within 30 minutes |
What Myntra does
Myntra is an online fashion and lifestyle platform. Shoppers use its app and website to buy clothing, footwear, accessories and beauty products from brands. Flipkart acquired Myntra in May 2014, and Myntra bought the fashion site Jabong in July 2016.
In December 2024 Myntra launched M-Now, a quick delivery service that promises apparel and accessories within 30 minutes. It started in Bengaluru and has since reached more cities, including Patna, Jaipur, Lucknow and Ahmedabad in February 2026 and Chennai in May 2026.
How Myntra makes money from four revenue lines
Myntra reports revenue from operations in four lines. These are FY26 figures.
- Marketplace services: Rs 2,657.3 crore, 50.7% of revenue from operations.
- Advertising: Rs 1,236.4 crore, 23.6%.
- Logistics and shipping: Rs 1,119.2 crore, 21.3%.
- Other operating revenue: Rs 229.6 crore, 4.4%.
Myntra also reported Rs 73.3 crore of non-operating income in FY26, mainly royalty income. Total income was Rs 5,315.8 crore.
Myntra revenue model for advertising
Advertising was Myntra's fastest rising revenue line in FY26. It was Rs 712.3 crore in FY24, Rs 914.5 crore in FY25 and Rs 1,236.4 crore in FY26, which is 35.2% more than a year earlier. It was 23.6% of FY26 revenue from operations.
Myntra business model canvas
Where Myntra's money goes
Advertising and promotion was Myntra's largest expense line in FY26. Total expenses were Rs 5,757.7 crore, against Rs 5,242.5 crore of revenue from operations. This leaves out other income of Rs 73.3 crore.
| FY26 expense line | Rs crore |
|---|---|
| Advertising and promotion | 2,326.5 |
| Logistics charges | 1,666.6 |
| Employee benefits (including Rs 235.4 crore of ESOP costs) | 776.9 |
| Other overheads | 455.5 |
| IT expenses | 323.8 |
| Payment gateway charges | 174.4 |
| Other items not listed above (calculated) | 34.0 |
| Total expenses | 5,757.7 |
Is Myntra profitable? Revenue and net result
Myntra reported a net profit of Rs 30.9 crore in FY24 and about Rs 548 crore in FY25. In FY26 it reported a net loss of Rs 579.4 crore. Revenue from operations in FY26 was Rs 5,242.5 crore.
| Item | FY26, Rs crore |
|---|---|
| Revenue from operations | 5,242.5 |
| Other income | 73.3 |
| Total income | 5,315.8 |
| Total expenses | 5,757.7 |
| Loss before tax | 441.9 |
| Net loss | 579.4 |
The net loss of Rs 579.4 crore was Rs 137.5 crore higher than the loss before tax of Rs 441.9 crore.
Myntra in numbers
Myntra's journey so far
| When | What happened |
|---|---|
| 2007 | Myntra is founded in Bengaluru |
| May 2014 | Flipkart acquires Myntra |
| Jul 2016 | Myntra acquires the fashion site Jabong |
| Dec 2024 | Myntra launches M-Now in Bengaluru, promising delivery within 30 minutes |
| Apr 2026 | Sharon Pais is named head of Myntra |
| Oct 2026 | FY26 filings show revenue from operations of Rs 5,242.5 crore and a net loss of Rs 579.4 crore |
Who Myntra competes with
Ajio, from Reliance Retail, Nykaa Fashion, Tata CLiQ and Amazon also sell fashion online in India.
Challenges Myntra faces
Myntra's revenue from operations fell 13.5% in FY26, and the year ended with a net loss of Rs 579.4 crore. Total expenses of Rs 5,757.7 crore were above revenue from operations of Rs 5,242.5 crore.
Advertising and promotion spend was Rs 2,326.5 crore, the largest expense line. Ajio, Nykaa Fashion, Tata CLiQ and Amazon also compete for online fashion shoppers.
Conclusion on the Myntra business model
The Myntra business model is a fashion and lifestyle platform owned by Flipkart. It earns revenue from marketplace services, advertising, and logistics and shipping, and delivers orders through standard shipping and the M-Now service.
In FY26 Myntra reported revenue from operations of Rs 5,242.5 crore, advertising revenue of Rs 1,236.4 crore and a net loss of Rs 579.4 crore.
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