3 days ago
Myntra obtains Rs 1,062.5 crore from parent entity amid global expansion
Online fashion retailer Myntra has secured Rs 1,062.5 crore in fresh funding from its Singapore-based parent company, FK Myntra Holdings. The capital infusion follows earlier investments of $339 million in March 2024 and $81 million in November 2024, as the platform accelerates growth.
The development coincides with Myntra's international expansion through the launch of Myntra Global, a new platform designed to serve the Indian diaspora in Singapore, Apparel Resources India reported. The service offers a curated selection of fashion and Made-in-India products, marking the brand's first foray into global e-commerce.
To support cross-border operations, Myntra is leveraging third-party international logistics providers to ship inventory from India to Singapore, with average delivery times ranging from four to seven expansion comes amid heightened competition in India's online apparel market, including the re-entry of Chinese fast fashion platform Shein.
Despite an increasingly competitive market, Myntra posted a turnaround in the 2024 fiscal year, recording a net profit of Rs 31 crore, compared to a net loss of Rs 782 crore the previous year. Operating revenue rose by 15% year-on-year to Rs 5,122 crore, reflecting growing demand and improved operational efficiency.
