AJIO vs Myntra: Revenue, Profit and Business Model
AJIO does not publish annual revenue. Myntra reported ~$701M of revenue in FY2025 and ~$63.6M 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.
Myntra
Myntra Designs reported operating revenue of ~$594 million (₹5,121.8 crore) in FY24 and ~$701 million (₹6,043 crore) in FY25 (+18%). It swung from a ~$90.7 million (₹782 crore) loss in FY23 to a ~$3.58 million (₹30.9 crore) profit in FY24, then to ~$63.6 million (₹548 crore) in FY25; about $15.7 million (₹135 crore) of the FY25 profit came from a deferred tax credit. Advertising income rose 28% to ~$106 million (₹914 crore) in FY25, while marketing spend climbed to about $244 million (₹2,105 crore). Myntra does not publish GMV, and as a private Flipkart subsidiary it has no public market capitalisation.
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 financialsMyntra
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$701M | ~$63.6M | 9.1% | +18.0% | Source |
| FY2024 | ~$594.1M | ~$3.6M | 0.6% | — | Source |
Where 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.
Myntra
- Marketplace & Seller Services
Commissions and fees charged to third-party brands and sellers on the marketplace.
- Advertising
Sponsored listings and brand campaigns; ad revenue was ~$106 million (₹914 crore) in FY25, up 28%.
- Logistics & Fulfilment Services
Fulfilment, delivery and related service income.
- Private Labels
In-house brands such as Roadster, HRX, Mast & Harbour, DressBerry and Anouk.
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.
Myntra
How it makes money
Myntra operates a highly complex B2C E-commerce and 'Private Label' model. 1. The Marketplace: They sell thousands of large global brands (Nike, H&M, Levi's) to attract affluent traffic. 2. Private Brands (The large profit engine): They use their large data on exactly what Indian consumers are searching for to manufacture their own highly successful clothing lines (like Roadster and HRX).
Growth strategy
Having dominated tier-1 Indian cities, Myntra's large growth strategy is aggressive expansion into 'Tier 2 and Tier 3' cities and heavily dominating the 'Beauty and Personal Care' market. They realize that fashion growth will eventually slow.
Competitive advantage
Myntra's absolute competitive advantage is its large superiority in 'Fashion Curation' and its terrifyingly advanced logistics for returns. Selling fashion online is highly difficult because return rates are greatly high (clothes don't fit). Myntra built a large, highly specialized logistics network (Myntra Logistics) specifically designed to handle highly fast, frictionless clothing returns.
Questions about AJIO vs Myntra
Which company has higher revenue — AJIO or Myntra?
Myntra reported ~$701M (FY2025). A verified revenue figure for AJIO was not available at the time of this comparison.
Which is more financially efficient — AJIO or Myntra?
Myntra generates $127k / 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 Myntra make money?
AJIO and Myntra 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. Myntra: Myntra operates a highly complex B2C E-commerce and 'Private Label' 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 Myntra overview