Flipkart sends Myntra $54 million funding infusion

March 05, 2024

Category: General

Country: India

Region: Asia

E-commerce giant Flipkart sent a $54 million funding infusion to its fashion arm Myntra. The investment comes at a time when Myntra is bolstering its premium and international brand selection in line with Indian consumer demand.

By Isabelle Crossley
4th March, 2024

Flipkart invested the $54 million in its Singapore-based business FK Myntra Holdings, ET Tech reported, citing regulatory filings made in Singapore. Myntra’s India business Myntra Designs Private Limited then received Rs 689 crore, approximately $83 million, in funding from FK Myntra Holdings.

Looking to stand out from its increasing online fashion competition, Myntra has exclusively launched a number of brands in the Indian market in 2024. The business joined forces with Alibaba Group to exclusively retail Turkish brand Trendyol apparel in India and also brought French clothing brand Kiabi to India.

The business currently counts over 420 international fashion and lifestyle brands in its online portfolio and plans to continue to widen its offering. Flipkart invested $105 million in Myntra in March 2023.

Along with expanding its brand selection, Myntra is exploring several new initiatives to boost shopper engagement. The business recently launched the Myntra Sneaker Club to tap into India’s sneaker scene by promoting sneakers from international brands including Nike and Adidas on its shopping app, Myntra announced on Facebook.

The 2023 financial year saw Myntra grow by 25% year-on-year as its operating revenue reached Rs 4,375 crore. However, last fiscal also saw the business’ net loss increase to total Rs 782 crore, the Economic Times reported.