Myntra’s Vector Registers 90% Drop in FY18 Revenue
Post by Sameena Farooq | Jan 01, 2019
The company Myntra has made a huge loss of Rs 52 lakhs this year in comparison with the profit of Rs 9 crore a year before.
BENGALURU: One of the biggest E-commerce vendor Myntra has seen a great fall on their revenue by more than 90% to Rs81 crore in the year-end of March 2018. The company has made a total loss of Rs 52 lakh as compared with the profit ranging of Rs 9 crore a year before.
This is another example where e-commerce platform is reducing their dependence on their top few sellers by following the government regulation of the year 2016. This is making a clear indication that a single merchant cannot have more than 25% of overall sales on any e-commerce platform.
Earlier this year, Flipkart has stopped on selling on the platform after its revenue declines by 67% in the Financial year 2017.
Vector E-Commerce’s financial statements represent that the company faced a negative net worth of Rs. 6.21 crores and working capital of deficit of Rs 16 crore stated on March 31, 2018.
The auditors said in their filings, “These conditions are a pure indication that the material uncertainty can cause doubt about the company’s ability to continue as going distress”.
Vector E-Commerce’s has faced a fall of 30% on its overall revenue in FY17.
Further, Amazon’s focus is to help the seller on focusing beyond its entity Cloudtail. This has resulted in Amazon's revenue increase at about 27% ranging above Rs 7,149 crore in FY18, which is much lower than the four-fold augment in FY16.
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