Myntra vs Nykaa: Revenue, Profit and Business Model
Myntra reported ~$701M of revenue in FY2025 and ~$63.6M of net income. Nykaa reported ~$1.2B of revenue in FY2026 and ~$23.1M of net income.
Latest financial snapshot
Financial summary
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.
Nykaa
Nykaa (FSN E-Commerce Ventures, NSE: NYKAA) reported FY2026 revenue from operations of ~$1.16 billion (₹10,022 crore), up 26% from ~$922 million (₹7,950 crore), with GMV of ~$2.32 billion (₹19,963 crore) and net profit of about $23.2 million (₹200 crore). Q1 FY2027 revenue rose 29% to ~$323 million (₹2,782 crore).
Revenue and profit by year
Myntra
| 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
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.
Nykaa
No segment breakdown is published.
Business model and strategy
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.
Nykaa
How it makes money
Nykaa earns most of its money by buying beauty and personal care products from brands and reselling them at a margin through its app, website and stores.
Growth strategy
Nykaa's FY2030 plan targets $5 billion+ GMV through more stores, Nykaa Now quick delivery, owned-brand acquisitions such as Aminu, fashion growth and brand incubation with L'Oréal's BOLD fund.
Competitive advantage
Trust and assortment in beauty, built on an inventory-led model, plus owned brands that rivals cannot stock and a store network that doubles as quick-delivery infrastructure.
Questions about Myntra vs Nykaa
Which company has higher revenue — Myntra or Nykaa?
Myntra reported ~$701M (FY2025), while Nykaa reported ~$1.2B (FY2026). By last reported revenue, Nykaa is the larger business, with Myntra reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Myntra vs Nykaa?
Nykaa has a market capitalisation of $10.3B. A public market cap figure for Myntra was not available (it may be privately held).
Which is more financially efficient — Myntra or Nykaa?
Myntra generates $127k / employee in revenue per employee, while Nykaa generates $258k / employee. Nykaa shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Myntra and Nykaa make money?
Myntra and Nykaa generate revenue in fundamentally different ways. Myntra: Myntra operates a highly complex B2C E-commerce and 'Private Label' model. Nykaa: Nykaa earns most of its money by buying beauty and personal care products from brands and reselling them at a margin through its app, website and stores.
Is Myntra bigger than Nykaa?
By last reported revenue, Nykaa (~$1.2B (FY2026)) 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 Myntra vs Nykaa overview