Flipkart vs Myntra: Revenue, Profit and Business Model
Flipkart had ~$9.6B of annual revenue in FY2025 and a net loss of ~$601.9M. Myntra had ~$701M of annual revenue in FY2025 and ~$63.6M of net income.
Latest financial snapshot
Financial summary
Flipkart
Flipkart has grown revenue steadily while still losing money. Flipkart India Pvt Ltd's consolidated revenue from operations rose from ~$6.49 billion (₹55,924 crore) in FY2023 to ~$8.18 billion (₹70,542 crore) in FY2024 and ~$9.6 billion (₹82,787 crore) in FY2025 (+17.3%), but its consolidated loss widened from ~$493 million (₹4,248 crore) to ~$602 million (₹5,189 crore). The marketplace arm, Flipkart Internet, is improving faster: FY2025 revenue reached ~$2.38 billion (₹20,493 crore) and its net loss fell 37% to ~$173 million (₹1,494 crore), with EBITDA loss narrowing to ~$125 million (₹1,078 crore). Walmart paid $16 billion for 77% in 2018; later private valuations were $37.6 billion (2021 round), about $36 billion (2024 round led by Walmart with Google participating) and about $38.2 billion in a July 2026 employee buyback. Reports in September 2026 said Flipkart was targeting an IPO valuation near $50 billion, though the timeline remains uncertain.
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
Flipkart
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$9.6B | ~-$601.9M | -6.3% | +17.4% | Source |
| FY2024 | ~$8.2B | ~-$492.8M | -6.0% | +26.1% | Source |
| FY2023 | ~$6.5B | — | — | — | Source |
Myntra
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$701M | ~$63.6M | 9.1% | +18.0% | Source |
| FY2024 | ~$594.1M | ~$3.6M | 0.6% | +14.7% | Source |
| FY2023 | ~$517.9M | ~-$90.7M | -17.5% | — | Source |
Where the revenue comes from
Flipkart
- Marketplace (Flipkart Internet)
Not formally reported
Commissions, fixed fees, shipping and fulfilment charges from third-party sellers, plus advertising fees for sponsored listings: about $2.38 billion (INR 20,493 crore) in FY2025, up 14%.
- Flipkart India (B2B Goods)
Not formally reported
Consolidated revenue from operations of about $9.6 billion (INR 82,787 crore) in FY2025, mostly from selling goods business-to-business, including supplying sellers and kirana stores.
- Group Businesses
Not formally reported
Myntra (fashion and beauty), Ekart (logistics), Cleartrip (travel commissions) and Shopsy (low-price social commerce).
Myntra
- Marketplace & Seller Services
Not formally reported
Commissions and fees charged to third-party brands and sellers on the marketplace.
- Advertising
Not formally reported
Sponsored listings and brand campaigns; ad revenue was ~$106 million (₹914 crore) in FY25, up 28%.
- Logistics & Fulfilment Services
Not formally reported
Fulfilment, delivery and related service income.
- Private Labels
Not formally reported
In-house brands such as Roadster, HRX, Mast & Harbour, DressBerry and Anouk.
Business model and strategy
Flipkart
How it makes money
Flipkart makes money from several linked businesses. 1. Marketplace (Flipkart Internet Pvt Ltd): third-party sellers list products on Flipkart and pay commissions, fixed fees, shipping and fulfilment charges, plus advertising fees for sponsored listings. Indian FDI rules bar foreign-owned marketplaces from holding inventory for sale to consumers, so the marketplace earns service income rather than product revenue;
Growth strategy
Flipkart's growth plan rests on three bets. First, value commerce: Shopsy targets price-sensitive shoppers in Tier-2 and Tier-3 towns against Meesho. Second, quick commerce: Flipkart Minutes, launched in August 2024, is expanding its dark-store network to compete with Blinkit, Swiggy Instamart, Zepto and Amazon Now.
Competitive advantage
Flipkart's edge comes from its own logistics network (Ekart), close knowledge of Indian shoppers, and leadership in smartphones and fashion. It built delivery in-house when third-party couriers were unreliable, owns Myntra in fashion, and uses exclusive phone launches and bank-backed no-cost EMIs to drive high-value electronics sales. Walmart's ownership gives it deep funding and global sourcing.
Myntra
How it makes money
Myntra earns money in two ways. Its marketplace sells global brands such as Nike, H&M and Levi's, which bring in shoppers. Its private brands, such as Roadster and HRX, are designed using data on what Indian shoppers search for. Because Myntra owns those brands and controls their manufacturing, their margins are much higher than on third-party products.
Growth strategy
After building its base in India's largest cities, Myntra is expanding into Tier 2 and Tier 3 cities and into beauty and personal care. Myntra Beauty sells cosmetics and premium skincare in competition with Nykaa, a category with higher margins and more frequent repeat purchases than apparel. It is also investing in live commerce, where influencers sell through video streams in the app.
Competitive advantage
Myntra's advantage is fashion curation and a returns operation built for clothing. Return rates are high in online fashion because fit is hard to judge, so Myntra runs its own logistics arm, Myntra Logistics, to handle returns quickly. Its app is designed for browsing fashion and uses AI to recommend outfits.
Questions about Flipkart vs Myntra
Which company has higher revenue — Flipkart or Myntra?
Flipkart had ~$9.6B (FY2025), while Myntra had ~$701M (FY2025). By latest annual revenue, Flipkart is the larger business, with Myntra showing a smaller revenue base.
How does revenue per employee compare for Flipkart and Myntra?
Flipkart has $213k / employee in revenue per employee, while Myntra has $127k / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Flipkart and Myntra make money?
Flipkart and Myntra generate revenue in fundamentally different ways. Flipkart: Flipkart makes money from several linked businesses. Myntra: Myntra earns money in two ways.
Is Flipkart bigger than Myntra?
By last reported revenue, Flipkart (~$9.6B (FY2025)) is the larger company compared to Myntra (~$701M (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
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 Flipkart vs Myntra overview