&w=3840&q=100)
Myntra raises ₹1,062 cr from parent firm in fresh capital infusion
The Flipkart-owned platform eyes growth in Singapore and beyond, posts Rs 30.9 crore profit in FY24, and readies for its flagship sale event starting May 31
Peerzada Abrar
Listen to This Article
Myntra, the online fashion platform owned by Walmart-backed Flipkart Group, has secured Rs 1,062.5 crore in fresh funding from its Singapore-based parent entity, FK Myntra Holdings Pvt Ltd, according to regulatory filings reviewed by business intelligence platform Tofler.
As part of the capital infusion, Myntra issued approximately 1.94 million shares, each with a face value of Rs 1 and a premium of Rs 5,465.23 per share.
The development comes at a time when the company is scaling up its operations in India and overseas. Myntra recently forayed into the international market with the launch of Myntra Global, marking its first
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
6 minutes ago
- Time of India
Big Fat Legal War Bursts Out aheadof Wegovy Launch
Live Events A high-stakes legal battle has erupted ahead of the anticipated launch of Novo Nordisk 's blockbuster weight-loss drug Wegovy (semaglutide) in India. The Delhi High Court has restrained Dr Reddy's Laboratories (DRL) and OneSource Specialty Pharma from selling semaglutide in the domestic market, following a patent infringement plea by the Danish the court, in an interim order Thursday, has not barred the Indian companies from manufacturing and exporting the drug. 'The defendants have a licence to manufacture the impugned drug, which was granted in December 2024, and have begun manufacturing the drug in April 2025,' noted the order uploaded late added that 'the defendants reserve their right to export the impugned drug in countries where the plaintiff has not been granted a patent yet'.Novo Nordisk on May 26 filed a patent infringement suit against Hyderabad-based Dr Reddy's and contract drugmaker OneSource before the Delhi HC. This was a countermove after Dr Reddy's on May 14 moved the HC seeking revocation of Novo Nordisk's patent for semaglutide— the active ingredient in Wegovy and Ozempic, the Danish firm's popular obesity and diabetes drugs. Novo Nordisk has alleged that Dr Reddy's and OneSource are importing large quantities of semaglutide active pharmaceutical ingredient (API) into India, and using it to manufacture and export violated Novo's patent rights, it claimed.A single-judge bench of the Delhi HC has posted the matter for further hearing on August 19, along with Dr Reddy's patent challenge, a senior lawyer told experts expect Novo Nordisk to appeal the interim order before a division bench as the single bench has not restrained the Indian companies from exporting semaglutide.'Novo Nordisk is taking active steps to protect its inventions in India,' a company spokesperson said. The company said its semaglutide patents are protected in India and it expects continued support and protection of innovation in the country. 'However, we would not like to comment on a sub-judice matter,' the spokesperson a statement to ET, a Dr Reddy's spokesperson said, 'The matter is currently sub judice. We are unable to comment on it at this time.'A spokesperson for OneSource, too, declined comment citing the same a 650-page petition, Novo Nordisk said it became aware of the infringements of its valid patent number IN 262697 in India in October and November 2024.
The Hindu
8 minutes ago
- The Hindu
Champions League trophy has been out of reach for PSG
Billions of dollars have been spent and some of the world's greatest players have come and gone, yet the Champions League trophy has remained agonizingly out of reach for Paris Saint-Germain. That could be about to change The Qatari-owned team is one game away from European club soccer's most prestigious prize, with Inter Milan standing in the way in Saturday's (May 31, 2025) final in Munich. PSG is the favorite, with one of the most exciting teams around, having produced thrilling performances to get past Manchester City and Liverpool. It feels like its time has finally come. But in Inter it faces a wily opponent that is in its second final in three seasons and cut down a rampant Barcelona in an epic semifinal — winning 7-6 on aggregate. The warning signs are there for PSG PSG's run to the final has justified a shift in direction from the bling culture of superstar signings to focus more on young French talent. Owned by Qatar Sports Investments since 2011, PSG signed some of the biggest names in soccer including Zlatan Ibrahimovic, Kylian Mbappe, Neymar and Lionel Messi without ever getting its hands on the trophy it craves most of all. Messi, Neymar and Mbappe have all gone, and without those iconic figures PSG looks a more complete team than ever. But that has come at some cost. Players like Ousmane Dembele, Desire Doue and Khvicha Kvaratskhelia were signed for an estimated $240 million combined in a squad assembled at spectacular expense. Meanwhile, Inter has been savvy in the market — signing older players and picking up free agents to put together a team that has reached two Champions League finals in three years — losing to Man City in 2023 — and won one Italian title in that time. PSG's only previous final was in 2020, a 1-0 loss to Bayern Munich. It was a semifinalist in 2021 and 2024. Elimination in the round of 16 in 2022 and 2023 preceded the decision by president Nasser Al Khelaifi to change his transfer strategy. This year is only the second time since 2011 that three-time champion Inter has advanced beyond the round of 16. Inter last won the Champions League in 2010 under Jose Mourinho. Dembele has been one of the outstanding players in Europe this season with 30 goals in all competitions for PSG, including a run of 24 in 18 games from December to March. Kvaratskhelia was signed from Napoli in January and sparked a turnaround in PSG's fortunes in the Champions League when it looked in danger of being eliminated at the league stage. The Georgian forward was long considered one of the brightest talents in Europe before making the move and has added another dimension to an-already thrilling PSG attack. Midfielders Vitinha and Joao Neves are the engine room, hungrily hunting down the ball when out of possession and springing attacks with the speed of their passing. World Cup winner Lautaro Martinez is Inter's standout player and became the club's all-time leading scorer in the Champions League this season. Defender Denzel Dumfries played a huge role in beating Barcelona with two goals in the first leg at the Nou Camp and goalkeeper Yann Sommer pulled off a string of saves to keep Inter in the tie in the second leg. 'Our opponent, we hold the utmost respect for," Martinez said. 'But with the weapons we've got, we want to hit them where it hurts.' A Champions League winner with Barcelona in 2015, Luis Enrique has won 12 major trophies in spells with the Catalan club and now PSG. If French champion PSG triumphs on Saturday (May 31, 2025) he would become the seventh coach to win the Champions League or European Cup with two different teams. The list includes Carlo Ancelotti, Pep Guardiola and Mourinho. Inter's Simone Inzaghi is hoping to win his first Champions League title at the second time of asking after defeat to City two years ago. Then, as now, Inter was the underdog, and came close to upsetting Guardiola's all-conquering City. 'Matches don't come down to wage bills or turnover, it's the players on the pitch,' Inzaghi said on Friday (May 30, 2025). "We were huge underdogs two years ago and went toe to toe. 'I dreamt of playing the Champions League final. I didn't do it as a player, but thanks to this group of players I've been in two finals as a head coach.' Inzaghi cannot match Enrique's trophy count but has impressed at Inter where he won Serie A last year beside two Italian Cups, his third overall. Only a week ago, Inter surrendered the Serie A title by one point.
The Print
11 minutes ago
- The Print
Post legal battle with L&T, MMRDA says it will retender 2 infra projects in ‘public interest'
Following the MMRDA's decision, the Supreme Court disposed off a petition filed by Larsen & Toubro appealing against a Bombay High Court order dated 20 May. L&T had filed two petitions in the high court on two separate occasions, alleging irregularities in the opening of financial bids. The high court had denied relief to the company, declining to stay the opening of bids. The MMRDA told the Supreme Court Friday that it will scrap the two tenders. In a statement later in the day, the development authority said it will reinitiate the tendering process for the Ghodbunder (Thane)-Bhayander road tunnel and bridge project. It said the decision has been taken 'purely in public interest'. Mumbai: Following a legal battle with construction firm Larsen & Toubro over alleged tender irregularities in two ambitious projects, the Mumbai Metropolitan Region Development Authority (MMRDA) has decided to scrap the two tenders, and reinitiate the process. In a statement, the MMRDA said, 'Although the authority's (MMRDA's) legal position was upheld at every level, the decision has been taken purely in public interest and to ensure judicious use of taxpayer money.' The MMRDA's decision to scrap the tender comes four days after Chief Justice of India B R Gavai asked the development authority if it was willing to retender the projects, failing which the apex court might have to freeze the whole tender process. The two projects, said to be roughly worth Rs 14,000 crore, involve linking Thane and Mira Bhayander. One of the two projects involves building a 5-km twin tunnel from Gaimukh to the Fountain Hotel junction at Shilphata at about Rs 8,000 crore, while the other is a 9.8-km elevated creek bridge to connect Bhayander with Ghodbunder Road in Thane. This is estimated to cost about Rs 6,000 crore. L&T did not respond to ThePrint's email seeking a comment. The report will be updated if and when a response is received. Also Read: MMRDA prepares for 'most challenging' part of Worli-Sewri connector: A double-decker 'Elphinstone Bridge' The battle over bids In both the projects, the MMRDA had declared Megha Engineering & Infrastructure Limited to be the lowest bidder. The L&T's main grouse was that it was dropped from the tender process after the submission of technical bids without being given any reason or any intimation. The company also said that its bids for the two projects were cumulatively about Rs 3,000 crore lower than Megha Engineering's bid. As per the MMRDA, the authority disqualified L&T after the technical bidding stage as the company failed to comply with 'an essential eligibility clause.' The clause required L&T to submit an undertaking confirming that no bridge or barrage constructed by the company had collapsed within the 'last two years of completion'. 'This rendered them ineligible as per the tender norms. Their financial bid was therefore never opened,' the MMRDA said in its statement. In the retendering of bids, the development authority has said that it will try to reduce the overall project cost for the two works by Rs 3,000 crore. (Edited by Ajeet Tiwari) Also Read: From airport to metro, 2025 will see completion of some of Mumbai's long-pending infra projects
