Myntra secures over ₹1,062 crore funding from FK Myntra Holdings
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.
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