Myntra Secures 103 Million USD, Plans for International Expansion

Fashion and retail ecommerce platform Myntra has secured 103 million USD from FK Myntra Holdings Private Limited and Flipkart. Earlier in 2018, the company has also secured 176 million USD. Moreover, the company has collaborated with the Emaar Group to expand its business to the Middle East.

Myntra, the fashion and retail platform (1), has secured 1,604 Crore INR or 103 million USD fundings from FK Myntra Holdings Private Limited, its Singapore-based entity, and Flipkart, its parent entity. 

As per the filings at the MCA, Ministry of Corporate Affairs, the company has allocated 45,06,213 equity shares under rights to issue to the two firms at a nominal amount of 1 INR and a premium of 3,560 INR per share.

FK Myntra Holdings has scooped 44,84,548 equity shares worth 1,596 Crore INR, and Flipkart has picked up 21,665 shares for 7,71 Crore INR. Notably, both entities have infused 16,04,66,24,493 Crore INR together. The investment came in September 2020. 

Previously in 2018, Myntra had secured 176 million USD, or about 1,147 Crore INR funding from FK Myntra Holdings Private Limited. The fashion and retail ecommerce place had then issued 7,17,429 shares at face value of 1 INR each at a 15,999 premium amount per share. 


Myntra to Expand Its Fashion Brand in the Middle East

The development comes after the company partnered with Emaar Group to expand its business to international markets and launch its fashion brand, Myntra Fashion, in the Middle East. Noon and Namshi, the regional ecommerce platforms of Emaar Group, would facilitate and host the Myntra Fashion brand on their website.

While commenting on the international expansion, Amar Nagaram, the CEO of the fashion and retail giant, stated that the team identified several potential channels across the globe that offered significant opportunities for the online fashion segment during its research.

However, the Middle East stood out due to its audience demographic profile, too high mobile penetration, the similarity in fashion choices, and a large Indian origin population. The team is looking forward to observing a 5X growth with the partnership in the next two years, added Amar. 

Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena founded the fashion and retail marketplace Myntra in 2007. Later in May 2014, the e commerce giant Flipkart acquired the company and came under the Walmart banner after it acquired Flipkart in August 2018.

+ posts

Rucha Joshi is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student. She's currently working as a content writer and is always interested in a challenge.

Disclaimer: The views, thoughts, and opinions expressed in the article have been curated for our audience and does not warrant a 100% accuracy. All the information mentioned in the article is subject to change according to the changing viewpoints. Feel free to reach us at [email protected] for any change or copyright issues.

Note: If you buy something via a link on this page, we might earn a small commission on it.

Rucha Joshi
Rucha Joshi
Rucha Joshi is fueled by her passion for creative writing. She is eager to turn information into action. With her hunger for knowledge, she considers herself a forever student. She's currently working as a content writer and is always interested in a challenge.

Leave A Reply

Please enter your comment!
Please enter your name here

related stories

The World electric motor company, Tesla, is now finding its way to automate the largest automotive industry in the World, India.

Upgrading Indian Automation: A Tesla 2021 Reality?

Tesla is the leading automotive company in the World at the moment. Its meteoric rise is unparalleled. Striking chords with advancing technology and consumer...
Team Gridfree Solar

Gridfree Solar: Paving the way towards a sustainable future

As industrialization increasingly depletes the energy resources of the planet, it is the need of the hour to resort to more productive sources of...
The Tata Sons versus Mistry legal parade is unfolding before the Supreme Court. It is one of the most closely-observed corporate battles.

Tatas and Mistrys: The Corporate Battle of the Century

In December 2012, the legendary chairman of Tata Sons (1), Ratan Rata, the holding entity that oversees the enormous and sprawling Tata Empire, retired...
The E-Grocery industry's growth is scaled to a more considerable height, and it's just getting started to flourish at the moment.

E-Groceries – Expanding the Agro Market: A Primer

Have you tried going to a vegetable vendor on the roadside, asking him/her to sell you a Kilogram of tomatoes or any vegetable now?...
The corporates work on their projects, but the fear of the growth of startups is what pushes the ethics of the corporate beyond their morals.

The Biggies: Startups vs. Corporates

Ever wondered why startups are a thing today? Don't worry; the same thought is what created this unique sector. With over a million startup...
Peggy Founder - Harkamal Singh Grover with Nikita Mittu (Team TimesNext)

I Scream, You Scream – Peggy Ice-Cream, Chandigarh

“My dad is a Foodie. A foodie from another generation has passed his love for food to me.” – says Harkamal Singh Grover  If you follow...
On Sunday, Amazon won an interim order against its partner, Future Group. The group was all set to sell its retail business to Reliance for Rs 24,713 crore.

Battle of Business Rivalry: Amazon Vs. Reliance

The high-profile and exclusive partnership between Amazon (1) and Future Group (2) is on the rocks after Amazon sought legal proceedings against the retail...

The Unheard Story of Xero Degrees and Their Adorable Outlet at Patiala

Xero Degrees (1) is now an established brand that was founded by Kashish Aneja and his friend, Shivam Kakkar. Kashish Aneja studied marketing and...