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Myntra's Chief Product and Technology Officer, Raghu Krishnananda, has resigned after over five years, as announced in an internal memo by CEO Nandita Sinha. His departure coincides with Myntra's aggressive expansion into quick commerce through its M-Now initiative, which aims for 30-minute to two-hour fashion deliveries in Bengaluru. This leadership change follows Myntra's recent profitability milestone and reflects a broader strategic pivot within the company as it prepares for future growth and potential IPO plans.
Myntra has achieved its first full year of profitability in FY24, reporting a profit of Rs 31 crore, a significant recovery from a loss of Rs 782 crore the previous year. Revenue increased by 15% to Rs 5,122 crore, driven by reduced expenses, which fell by approximately 3% to Rs 5,123 crore. While costs for materials, advertising, and IT decreased, employee benefit expenses rose compared to FY23.
Nandita Sinha
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Myntra's chief product and technology officer resigns amid strategic expansion efforts
08:00 11.04.2025
Myntra Achieves Profitability in FY24 with 15 Percent Revenue Growth
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