AJIO vs Fabindia: Revenue, Profit and Business Model
AJIO does not publish annual revenue. Fabindia reported ~$141.5M of revenue in FY2025 and — of net income.
Latest financial snapshot
Financial summary
AJIO
Reliance Industries reports financial results for Reliance Retail but does not publish AJIO as a separate financial segment. Economic Times reported in December 2023 that AJIO was posting about $2 billion in annual gross merchandise value. GMV is the value of merchandise sold through a platform and is not the platform's accounting revenue.
Fabindia
Fabindia was consistently profitable for two decades before the pandemic: consolidated sales reached ~$175 million (₹1,508 crore) in FY20 with EBITDA of ~$33.5 million (₹289 crore) and net profit of ~$12.1 million (₹104 crore). Store closures in FY21 cut revenue 30% to ~$123 million (₹1,059 crore) and produced a ~$13.5 million (₹116 crore) loss, its first in over 20 years. Revenue recovered 29% to ~$161 million (₹1,392 crore) in FY22 while the loss narrowed to ~$4.52 million (₹39 crore). The company filed for an IPO in January 2022 and withdrew it in February 2023. In January 2024 it agreed to sell its roughly 64% holding in Organic India to Tata Consumer Products (enterprise value ~$220 million (₹1,900 crore)). For FY25, PrivateCircle data shows ~$142 million (₹1,220 crore) of product sales.
Revenue and profit by year
AJIO
AJIO does not publish annual revenue. What is known about its finances is in the summary above.
Full AJIO financialsWhere the revenue comes from
AJIO
- Online retail sales
Sales of fashion and lifestyle merchandise through AJIO and AJIO Luxe. Reliance does not disclose this stream separately.
- Marketplace and brand commerce
Commerce involving third-party and partner brands on the platform. Commission rates and revenue contribution are not disclosed.
Fabindia
- Garments (ethnic and fusion apparel)75.6%
Kurtas, saris, tunics, Nehru jackets and kidswear; ~$107 million (₹922 crore) of FY25 product sales.
- Home & living (linen, furniture, curtains, rugs)13.7%
Table, bed and bath linen, furniture, curtains, floor coverings and upholstery fabrics.
- Body care & organic foods3.7%
Fabessentials personal care (2.36%) and organic food staples (1.38%).
- Miscellaneous (accessories, gifting, other)6.9%
Jewellery, footwear, gifting and other products totalling ~$9.8 million (₹84.5 crore) in FY25.
Business model and strategy
AJIO
How it makes money
AJIO sells fashion and lifestyle products online, including merchandise from domestic and international brands and Reliance Retail's brand portfolio. AJIO Luxe is its luxury and premium storefront. AJIOGRAM is an in-app, content-led storefront for homegrown direct-to-consumer brands. AJIO Rush provides accelerated delivery in selected markets.
Growth strategy
Recent expansion has focused on catalogue additions, international brand launches, content-led discovery and faster delivery. AJIO launched AJIOGRAM in 2023, added ASOS and H&M in 2024, and introduced AJIO Rush in the first quarter of FY2025-26.
Competitive advantage
AJIO is part of Reliance Retail's digital ecosystem and can draw on the parent's fashion brand portfolio and retail capabilities. Its current offer spans a mass-market fashion storefront, AJIO Luxe, the AJIOGRAM discovery store and AJIO Rush delivery in selected markets.
Fabindia
How it makes money
Fabindia operates a highly complex, vertically integrated 'Social Enterprise' retail model. They are not just a clothing brand; they are a large supply chain aggregator. They work directly with tens of thousands of rural artisans across India, providing them with design direction, quality control, and guaranteed large purchase orders.
Growth strategy
Fabindia's growth strategy has three parts. First, refresh the range for younger shoppers with lighter, contemporary silhouettes while keeping handloom and block-print craft at the core. Second, grow beyond apparel through home furnishings, furniture and Fabessentials body care, which together were about 17% of FY25 product sales.
Competitive advantage
Fabindia's absolute competitive advantage is its large, deeply entrenched, and highly ethical supply chain, combined with an unassailable brand aura of 'authenticity'. It took decades of painful, boots-on-the-ground work to organize thousands of independent rural weavers into a reliable, large corporate supply chain.
Questions about AJIO vs Fabindia
Which company has higher revenue — AJIO or Fabindia?
Fabindia reported ~$141.5M (FY2025). A verified revenue figure for AJIO was not available at the time of this comparison.
Which is more financially efficient — AJIO or Fabindia?
Fabindia generates $34k / employee in revenue per employee. A comparable figure for AJIO requires matching employee and revenue data from the same reporting period.
How do AJIO and Fabindia make money?
AJIO and Fabindia generate revenue in fundamentally different ways. AJIO: AJIO sells fashion and lifestyle products online, including merchandise from domestic and international brands and Reliance Retail's brand portfolio. Fabindia: Fabindia operates a highly complex, vertically integrated 'Social Enterprise' retail model.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the AJIO vs Fabindia overview