Flipkart-owned Myntra’s revenues fell sharply by 80% to Rs 427 crore in FY2018 from Rs 2,000 crore last year, reports the Economic Times. Myntra told ET that the data points are partial and do not give the entire picture of Myntra. The company’s losses were down by 76% to Rs 151 crore and total expenses were at Rs 926 crore.
Soon after Walmart’s acquisition of Flipkart and Binny Bansal’s departure in November, there were rumours that Myntra-Jabong CEO Ananth Narayanan would depart, which he later laid to rest. However, Myntra CFO Dipanjan Basu left the company to head finances at venture fund Fireside Ventures. Amidst this, Walmart announced that Jabong would be merged into Myntra and laid off 150 Jabong employees.
Education platform Byju’s revenues have doubled in FY18 to Rs 490 crore, reports the Economic Times. The firm has also reduced losses by 53% to Rs 29 crore. Its total expenses for the fiscal were Rs 519 crore. Last month, the company raised $540 million from Naspers and Canada Pension Plan Investment Board (CPPIB), and said that it would launch an international product in 6 months. It is also working on a K-3 product for India.
The company told ET that it aims to earn Rs 1400 crore in revenue in FY19 and will introduce content in regional languages such as Gujarati, Tamil, and Marathi, without specifying a timeline.