Myntra secures Rs 1,063 crore funding from Singapore-based parent entity
Online fashion retailer
Myntra has received fresh funding of Rs 1,062.5 crore ($124 million) from its Singapore-based parent entity FK Myntra Holdings at a time when the company has expanded its services to Singapore.
According to regulatory filings accessed from the Registrar of Companies (RoC), 19,43,753 equity shares of of Myntra Designs Private Limited have been allotted to FK Myntra Holdings Private Limited at an issue price of Rs 5,465.23 each on a rights basis to raise the total amount. The development was first reported by Entrackr.
In previous rounds, parent firm Flipkart had injected $81 million into the online fashion retailer in November 2024 and $339 million in March 2024.
On May 19, Myntra launched its new platform,
Myntra Global
, offering Made-in-India brands and fashion to cater to the Indian diaspora in Singapore. Its partner brands will ship products to Singapore from inventory held in India and Myntra will help them through third-party international logistics providers. The shipping timeline is expected to be between 4-7 days, on average.
Meanwhile, Myntra is facing increasing competition in the online apparel retail space in India after Chinese fast fashion platform Shein returned five years after being banned.
Notably, Myntra turned profitable in fiscal year 2024. It reported a net profit of Rs 31 crore for fiscal year 2024 against a net loss of Rs 782 crore in the previous year. Operating revenue also grew 15% to Rs 5,122 crore in FY24.
Rapid delivery push
The Bengaluru-based company has also entered the rapid delivery race with
M-Now
as quick commerce is gaining popularity in the country.
Besides apparel, Myntra is pushing categories such as accessories, home furnishings, and makeup on both its regular ecommerce segment as well as M-Now.
With the rapid delivery wave spreading across segments, even quick commerce companies Zepto, Swiggy Instamart and Blinkit have been adding more stock keeping units to their apparel section with a promise to deliver in minutes.
The latest to join the race is omnichannel fast fashion brand Newme. On Tuesday, Newme launched its 60-minute delivery service, Newme Zip, in Bengaluru after the rapid delivery service's success in Delhi.
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