Nandita Sinha took over as Myntra’s CEO in 2022 with a clear brief: fix the economics of a business that had scale but not sustainability. Nearly three years later, as Sinha is expected to step down from the role, the numbers suggest that reset has largely been delivered, although the company has declined to comment on the development so far.
The shift is visible in the financials. Myntra turned net profitable in FY24, after years of losses, and scaled that up sharply in FY25 with profit rising eighteen-fold to Rs 548 crore. Revenue crossed Rs 6,000 crore in FY25, compared with Rs 2,466 crore in FY22, when losses had widened to Rs 425 crore, according to Tracxn data. The turnaround marks a break from a decade-long pattern where growth was accompanied by deep discounting, high return rates and elevated logistics costs.
Disciplined Economics
Founded in 2007 by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena, Myntra pivoted from personalised gifting to fashion in 2011 and quickly emerged as an early leader in the category. Competition intensified soon after, with Flipkart entering fashion and Jabong scaling up. Flipkart acquired Myntra in 2014, bringing it into a larger e-commerce ecosystem backed by Walmart.
Subsequent leadership phases focused on expansion. Under Ananth Narayanan, Myntra acquired Jabong in 2016 and briefly experimented with an app-only model. Amar Nagaram, who took over in 2019, presided over strong topline growth, but losses continued to widen as the platform spent heavily to retain market share against rivals such as Reliance-backed Ajio, Nykaa Fashion and Amazon Fashion.
Premiumization and Beauty
Sinha’s approach marked a departure. A Flipkart veteran with prior stints at Hindustan Unilever and Britannia, she recalibrated Myntra’s positioning towards premium and branded assortments, expanding the portfolio of international labels to over 450. The company also doubled down on adjacent categories, with Myntra Beauty emerging as a key growth driver. Sinha said in a recent interview that the segment contributes one in five orders and was growing over 50% year-on-year in late 2025.
Operationally, the focus shifted to tighter control on discounts, improved inventory planning and better unit economics. The launch of M-Now, a quick commerce initiative in late 2024, reflected an attempt to capture faster delivery demand without reverting to unsustainable spending.
Her tenure coincided with a broader funding slowdown across the startup ecosystem, which forced companies to prioritise profitability over pure growth. That external pressure reinforced the internal pivot.
As Sinha prepares to exit after nearly 13 years with the Flipkart group, Myntra is a more disciplined business than the one she inherited. With the Walmart-owned Flipkart group expected to move towards a public listing, the durability of that profitability, and the model she leaves behind, will face closer scrutiny.