Fashion ecommerce major Myntra has secured a fresh capital infusion of INR 1,062.5 crore (approximately $124 million) from its Singapore-based parent, FK Myntra Holdings Private Limited. According to filings with the Registrar of Companies (RoC), Myntra Designs Pvt. Ltd. passed a board resolution on April 29 to issue 19.43 lakh equity shares to FK Myntra Holdings at a face value of INR 1 and a premium of INR 5,465.23 per share via a rights issue. This development was first reported by Entrackr.
The latest funding comes after Flipkart injected $81 million into Myntra in November 2024 and an earlier infusion of $339 million in March 2024. Originally founded in 2007 by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena, Myntra operates as a vertical marketplace facilitating the sale of fashion items such as apparel and accessories. Flipkart acquired the Bengaluru-based startup in 2014 for $240 million.
The capital injection arrives at a crucial juncture as Myntra accelerates operational expansion and consolidates its market position. The company turned profitable in FY24, posting a net profit of INR 30.9 crore compared to a loss of INR 782.4 crore in FY23. This turnaround was driven by a 15% increase in revenue, which rose to INR 5,121.8 crore from INR 4,465 crore the previous year.
Myntra is also setting its sights on international markets. Earlier this month, it launched operations in Singapore under the Myntra Global banner. The brand aims to cater to the Indian diaspora and capitalize on demand for ethnic and festive fashion, with logistics and inventory support from third-party vendors based in India.
The funding will also aid Myntra in defending its turf amid intensifying competition from quick commerce platforms such as Blinkit, Zepto, and Swiggy’s Instamart, all of which are exploring fashion deliveries. To meet evolving consumer demands, Myntra began piloting its two-hour delivery service, M-Now, in four Indian cities last year. It also faces emerging competition from newer players like Slikk and Blip in the rapid fashion delivery space.
The development aligns with Flipkart’s broader strategic shifts, including its preparation for a much-anticipated IPO and efforts to shift its domicile from Singapore to India. With increased financial backing, a profitable fiscal year, and ambitions for global growth, Myntra appears poised to reinforce its leadership in the Indian fashion ecommerce landscape while exploring new frontiers abroad.
