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Business Standard
2 days ago
- Business
- Business Standard
Myntra adds 20,000 jobs for EORS, expands workforce across India
Myntra, the online fashion retailer owned by Walmart-backed Flipkart Group, has facilitated the creation of over 20,000 temporary employment opportunities through its partner network. This is in preparation for the 22nd edition of its flagship End of Reason Sale, which begins on 31 May. The additional workforce is being deployed to bolster logistics, customer support, and last-mile delivery operations. Roughly 22 per cent of the newly recruited personnel at Myntra 's warehouses are women, assigned to roles such as sorting, grading, and packing across fulfilment centres in major hubs including Bengaluru, Mumbai, Kolkata, and Delhi. The company highlighted the geographic diversity of the expanded workforce, which includes recruits from across the country, spanning states such as Arunachal Pradesh, Assam, Bihar, Chhattisgarh, Jharkhand, Mizoram, Odisha, Tripura, West Bengal, Himachal Pradesh, Punjab, Rajasthan, Uttar Pradesh, and Uttarakhand. The move highlights Myntra's operational ramp-up ahead of one of its biggest annual sales events, as it looks to meet surging customer demand while emphasising inclusive hiring and regional representation. 'The creation of over 20,000 employment opportunities for the 22nd edition of EORS to meet the expected surge in demand is a testament to our 'Customer First' commitment,' said Govindraj M K, Chief Human Resources Officer, Myntra. 'It is great to see a strong representation of women and the inclusion of people from diverse regions.' Myntra's latest hiring push is expected to play a critical role in supporting seamless deliveries during the EORS. The sale will feature an expansive line-up of more than 10,000 brands and over four million product styles, aimed at catering to the platform's 70 million monthly active users. The Bengaluru-based fashion e-commerce company said the upcoming edition will also mark the debut of over 300,000 new styles. The sale will serve as a launchpad for fresh collections across multiple categories from leading domestic and international brands.
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Business Standard
3 days ago
- Business
- Business Standard
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
Mint
4 days ago
- Business
- Mint
Myntra secures over ₹1,062 crore funding from FK Myntra Holdings
New Delhi: Online commerce platform Myntra, part of Walmart-backed Flipkart Group, has raised ₹ 1,062.50 crore from parent FK Myntra Holdings Pvt Ltd (Singapore), according to financial data accessed by business intelligence platform Tofler. This investment involved the issuance of 1.94 million shares to the parent. Each share had a nominal amount of ₹ 1 with a significant premium of ₹ 5,465.23 per share. The move comes as Myntra has been expanding the scope of its business both in India and overseas. Earlier this month Myntra announced its entry into international shipping, starting with Singapore, to cater to the substantial Indian diaspora overseas with subsequent plans to expand in other markets. Myntra, started in 2007, has 70 million monthly active users and sells a range of international as well as homegrown apparel , beauty and home goods. In 2024 the company had received $81 million in funding from parent Flipkart, per news reports. Flipkart had acquired Myntra in 2014. Last year, the retailer piloted a quick delivery service in November and subsequently scaled up its 30-minute delivery in Bengaluru. More markets like Delhi now receive faster deliveries. Additonally, Myntra has been expanding its brand partnerships in the face of a greater competition at home. Myntra competes with Ajio, Meesho and Nykaa Fasion among others. Last year, Myntra announced a multi-year franchise partnership with NYSE-listed Abercrombie & Fitch Co. paving the way for the launch of Abercrombie & Fitch and Hollister stores in India. Facilitated through Myntra's business-to-business wholesale entity, this collaboration will see Myntra Jabong establish brick-and-mortar stores, regional e-commerce sites, and branded digital storefronts in India, leveraging a network of licensed and independent third-party operators. It has similar partnerships with Mango, Nautica, and British retailer Next. Last fiscal year, Myntra's revenue from operations grew 14.7% to ₹ 5,121.8 crore, per regulatory filings.
Mint
4 days ago
- Business
- Mint
Myntra secures over ₹1,062 crore funding from FK Myntra Holdings
New Delhi: Online commerce platform Myntra, part of Walmart-backed Flipkart Group, has raised ₹ 1,062.50 crore from parent FK Myntra Holdings Pvt Ltd (Singapore), according to financial data accessed by business intelligence platform Tofler. This investment involved the issuance of 1.94 million shares to the parent. Each share had a nominal amount of ₹ 1 with a significant premium of ₹ 5,465.23 per share. The move comes as Myntra has been expanding the scope of its business both in India and overseas. Earlier this month Myntra announced its entry into international shipping, starting with Singapore, to cater to the substantial Indian diaspora overseas with subsequent plans to expand in other markets. Myntra, started in 2007, has 70 million monthly active users and sells a range of international as well as homegrown apparel , beauty and home goods. In 2024 the company had received $81 million in funding from parent Flipkart, per news reports. Flipkart had acquired Myntra in 2014. Last year, the retailer piloted a quick delivery service in November and subsequently scaled up its 30-minute delivery in Bengaluru. More markets like Delhi now receive faster deliveries. Additonally, Myntra has been expanding its brand partnerships in the face of a greater competition at home. Myntra competes with Ajio, Meesho and Nykaa Fasion among others. Last year, Myntra announced a multi-year franchise partnership with NYSE-listed Abercrombie & Fitch Co. paving the way for the launch of Abercrombie & Fitch and Hollister stores in India. Facilitated through Myntra's business-to-business wholesale entity, this collaboration will see Myntra Jabong establish brick-and-mortar stores, regional e-commerce sites, and branded digital storefronts in India, leveraging a network of licensed and independent third-party operators. It has similar partnerships with Mango, Nautica, and British retailer Next. Last fiscal year, Myntra's revenue from operations grew 14.7% to ₹ 5,121.8 crore, per regulatory filings. Myntra did not respond to requests for comments regarding the fundraise.
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Business Standard
5 days ago
- Business
- Business Standard
Flipkart CEO Krishnamurthy signals strong growth amid India IPO plans
Flipkart Group Chief Executive Kalyan Krishnamurthy on Monday said the firm was advancing preparations for a potential initial public offering (IPO) in India, which included shifting its holding company to India from Singapore. Speaking at an internal town hall, Krishnamurthy said the company's leadership structure is strengthening and that the steps toward relocating Flipkart's legal base to India are progressing as planned, according to people familiar with the matter. Flipkart is targeting a public listing as early as next year, with a potential valuation of between $60 billion and $70 billion, these people said. If successful, the listing would be the largest consumer technology IPO in India's history. 'As we've initiated the flip back of the company, I am very confident that all of us will continue to focus on profitability with a renewed emphasis on customer centricity,' he said. 'This move brings Flipkart even closer to where our heart has always been,' he said. The company is currently recording customer and order growth in the range of 20 per cent to 25 per cent, with monthly order volumes averaging around 130 million, the people said. 'We're witnessing a strong uptick in customer growth and orders, which is around 20–25 per cent currently, with a focus on improved efficiency, and we are on track to achieve 30 per cent by June this year,' said Krishnamurthy at Flipkart's internal 'Flipster Connect' event on Monday. Flipkart, last valued at around $36 billion, has in recent months taken steps to strengthen its board and streamline internal operations as part of its broader preparation for going public. India's e-commerce market, projected to reach $325 billion by 2030 with an annual growth rate of 21 per cent, is becoming an increasingly competitive arena. Flipkart faces intensifying rivalry from Amazon, Meesho, Reliance's JioMart, and the Tata Group, who are aggressively expanding and innovating to capture market share. At the event, Flipkart CEO Krishnamurthy, along with senior executives including Seema Nair, senior vice president and chief human resources officer; Hemant Badri, senior vice president and head of supply chain; and Ramesh Gururaja, senior vice president for consumer shopping experience, outlined the company's strategic progress. The leadership team emphasised momentum in talent acquisition, leadership development, business expansion, and a continued focus on innovation and customer engagement. Krishnamurthy said Flipkart remains a market leader across categories and customer segments, with growth driven by both core businesses and newer initiatives. The company's quick commerce service, Minutes, is performing well, and Flipkart is aiming to expand its dark store network to 800 locations by the end of the year. Krishnamurthy added that innovation is gaining renewed momentum across the platform, with strategic focus areas including customer experience, Shopsy-- its value-focused platform-- travel services, and engagement with Gen Z consumers. Flipkart's fintech arm, is also on a strong growth trajectory, following a series of recent product launches and continued investment in digital financial services. 'We've recently seen some industry veterans across technology, categories, and Adtech join us as we work towards the aggressive goals we've set for ourselves,' he said. During the session, Seema Nair, chief human resources officer at Flipkart Group, highlighted the company's deepening leadership pipeline, noting an expanding group of next-generation executives stepping into strategic roles across emerging areas of e-commerce. She emphasised Flipkart's focus on workforce development, pointing to ongoing investments in training and upskilling to help teams capitalise on the sector's growth. Nair also said the company plans to integrate artificial intelligence more broadly across the organisation, with a focus on equipping employees with advanced AI tools to enhance productivity and innovation. 'With a resilient, collaborative, and future-focused team, we're better positioned than ever to lead the evolution of India's digital retail ecosystem,' Nair said, adding, 'We are proud to consistently drive the culture of entrepreneurship that we have been known for.'
