Myntra Gets INR 1,062 Cr From Singapore Parent

Fashion ecommerce giant Myntra has received a fresh infusion of INR 1,062.50 Cr (around $124 Mn) from its Singapore-based parent entity, FK Myntra Holdings Private Limited. 

As per its filings with the Registrar of Companies (RoC), the board of Myntra Designs Pvt. Ltd. (the Indian entity) passed a resolution on April 29 to allot 19.43 Lakh equity shares to FK Myntra Holdings at a face value of INR 1 and a premium of INR 5,465.23 on a rights issue basis. 

Entrackr was the first to report the development. 

This comes a couple of months after reports surfaced that Flipkart pumped $81 Mn into the fashion ecommerce major in November 2024. Besides, Myntra had also received $339 Mn from Flipkart in March 2024. 

Founded in 2007 by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena, Myntra is an online marketplace which allows third-party sellers to sell their fashion products such as apparels and other accessories. The Bengaluru-based startup was acquired by Flipkart for $240 Mn in 2014.

The cash infusion comes at a time when Myntra is aggressively scaling up operations. The fashion marketplace turned profitable in FY24, posting a net profit of INR 30.9 Cr as against a loss of INR 782.4 Cr in the previous fiscal year. 

The profitability came on the back of its growing top line, which rose 15% to INR 5,121.8 Cr during the fiscal under review from INR 4,465 Cr in FY23. 

Myntra’s Global Dreams 

The fund infusion also comes on the heels of Myntra pushing for global expansion. Earlier this month, the company entered the Singapore market under Myntra Global to capitalise on the Indian diaspora in the city state and diversify beyond its home turf.

At the outset, Myntra will ship the products from India and will handle the inventory with support from its third-party vendors. Myntra sees a huge potential in the Singapore market, driven primarily by demand for apparels for cultural occasions such as festivals, weddings, and special celebrations. 

The fund infusion will help Myntra fortify its market share at a time when quick commerce giants like Eternal-owned Blinkit, Zepto, and Swiggy’s Instamart have moved beyond the delivery of groceries and are entering the fashion space. 

Keeping the market competitiveness in view, Myntra began piloting its two-hour delivery service M-Now last year in four Indian cities to offer quick deliveries to customers. Apart from the established players, Myntra is also competing with new entrants in the quick fashion delivery space such as Slikk and Blip. 

The development also comes at a time when Myntra’s parent Flipkart is gearing up for its initial public offering (IPO). The ecommerce juggernaut is in the process of shifting its domicile to India from Singapore. 

The post Myntra Gets INR 1,062 Cr From Singapore Parent appeared first on Inc42 Media.