Myntra (1), the ecommerce fashion market place has received 103 million USD capital infusions ahead of the festive season sale. It received the resh tranche from FK Myntra Holdings, a Singapore-based subsidiary of Flipkart.
On 3rd October, Myntra Jabon Pvt. Ltd. has allocated 10,79,136 hares to FK Myntra Holdings and 97,058 shares to QuickRoutes International at a 6,427 INR per share price.
In 2018, Myntra Jabon Pvt Ltd received a capital infusion of 176 million USD from FK Myntra Holding before the latest fundings. Notably, the recent investment came after the company plan to go big for its upcoming Big Fashion Festival sale on 16th October.
Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena founded Myntra in 2007. Later in 2014, Flipkart acquired the company at the valuation of 290 million USD or 2,000 Crore INR. Myntra acquired Jabong in 2016 for 70 million USD. However, Flipkart closed Jabong, its fashion portal in February, to divert its focus on Myntra.
Myntra Recently Expanded to International Markets, Launched Myntra Fashion in the Middle East
The fashion and retail platform owned by Flipkart recently grew its offering to the international market. Moreover, it also launched its fashion brand, Myntra Fashion, in the Middle East.
According to the reports, the operator of www.myntra.com and its mobile app, Myntra Designs has recorded 539.4 crore INR losses in the previous financial year. Furthermore, it also reported an operating income of 1041.11 crore INR, which has improvised 1.55 times compared to 407.2 crore INR in 2018. Simultaneously, the overall revenue of the company in FY 2019 is standing at 1088.8 crore INR.
In June 2019, it also launched its second offline store in Bengaluru for Roadster. Besides, the firm is relying heavily on its private labels to keep dominating the fashion ecommerce industry.
Myntra is expanding its business by focusing on Tier-II cities with Kirana stores as last-mile delivery agents. It will soon introduce video content to attract more customers. The company has also claimed that it will deliver to more than 27,000 pin codes and has added 6,000 Kirana stores since 2019.