Myntra's reset under Nandita Sinha turned Rs 425cr losses into Rs 548cr of FY25 profit

Nandita Sinha became Myntra's CEO in 2022 with a clear brief: fix the economics of a business that had scale but not sustainability. In fiscal 2022 revenue was Rs 2,466 crore and losses had widened to Rs 425 crore, the tail end of a decade in which growth rode on deep discounting, high return rates and elevated logistics costs. Her predecessor Amar Nagaram, in charge from 2019, had presided over strong topline growth while spending heavily to hold share against Reliance-backed Ajio, Nykaa Fashion and Amazon Fashion.

Sinha, a Flipkart veteran with stints at Hindustan Unilever and Britannia, recalibrated the platform toward premium and branded assortments, expanding the portfolio of international labels to more than 450, and pushed Myntra Beauty, which she said in a recent interview contributed one in five orders and was growing over 50% year on year in late 2025. Operationally the focus moved to tighter discount control, better inventory planning and improved unit economics, with M-Now — a quick-commerce initiative launched in late 2024 — chasing faster delivery without returning to unsustainable spending.

The numbers turned: Myntra became net profitable in FY24 after years of losses, and in FY25 profit rose eighteen-fold to Rs 548 crore on revenue above Rs 6,000 crore, according to Tracxn data. The funding slowdown across India's startup ecosystem, which forced companies to prioritize profitability over pure growth, reinforced the internal pivot.

Net profitable from FY24; FY25 profit up eighteen-fold to Rs 548 crore on revenue over Rs 6,000 crore, versus Rs 2,466 crore in FY22

The brief was explicit: the business had scale but not sustainability, and the funding environment no longer tolerated it.

Premiumization — more than 450 international labels — lifted the assortment without relying on discount-led volume.

Myntra Beauty became a growth engine: one in five orders and over 50% year-on-year growth by late 2025.

M-Now captured quick-commerce demand while keeping the discount and logistics discipline intact.

When funding tightens, scale without unit economics stops being a strategy: premiumized assortment and adjacent categories can flip a marketplace's P&L faster than deeper discounts ever could.

As Sinha prepared to step down after nearly 13 years with the Flipkart group — a development the company declined to comment on — Myntra stood as a more disciplined business than the one she inherited. With the Walmart-owned Flipkart group expected to move toward a public listing, the durability of the profitability, and of the model she leaves behind, was set to face closer scrutiny.