🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Flipkart receives another $262 Mn from Singapore-based parent

EntrackrEntrackr · 1m ago
Flipkart receives another $262 Mn from Singapore-based parent
Medial

Flipkart receives another $262 Mn from Singapore-based parent Flipkart Internet (India), the marketplace arm of the Walmart-owned firm, has received another $262 million (Rs 2,225 crore) in internal funding from its Singapore-based parent entity. This comes nearly two months after Flipkart Internet received $382 million from its Singapore-based parent company. The board at Flipkart has allotted equity shares worth Rs 2,225 crore to Flipkart Marketplace Private Limited (Singapore), its multiple filings accessed from the Registrar of Companies (RoC) show. This follows around the same time Flipkart’s fashion platform Myntra India received $125 million from its Singapore-based parent, FK Myntra Holdings. Media reports indicate the firm plans to launch its IPO with a valuation of $60-$70 billion. It is shifting its Domicile from Singapore to India, joining Pine Labs, Zepto, Meesho, and Razorpay in relocating their headquarters back to their home country. According to startup data intelligence platform TheKredible, Walmart owns 85% of Flipkart Internet, which includes its affiliates PhonePe and Myntra. Other shareholders include Tencent, CPP Investments, GIC, SoftBank, and Microsoft. Flipkart is currently valued at $36 billion. For the fiscal year ended 2024, Flipkart reported a 20% growth in operating revenue to Rs 17,907 crore, while reducing its losses by over 41% to Rs 2,359 crore during the same period.

Myntra claims positive EBITDA in the last two quarters

EntrackrEntrackr · 1y ago
Myntra claims positive EBITDA in the last two quarters
Medial

Myntra, the e-commerce platform owned by Flipkart, has announced that it turned operationally profitable in the last two quarters of the calendar year 2023. Along with this, its gross merchandise value (GMV) also grew approximately 2X during the said period. The growth was majorly driven by expanding customer base, premiumization, collaborations with domestic and international brands, and advancements in technological integration, the company said in a blog post. Myntra did not disclose specific EBITDA (earnings before interest, taxes, depreciation, and amortization) numbers. As per the startup intelligence platform TheKredible, Myntra recorded 25% growth in scale to Rs 4,375 crore during FY23 as compared to Rs 3,501 crore in FY22. However, the company’s losses went up 31% to Rs 782.4 crore in FY23 against Rs 597.6 crore in FY22. In 2023, Myntra claimed a 33% surge in its monthly average users, reaching approximately 60 million, up from around 45 million in 2021. Founded by Mukesh Bansal, Vineet Saxena, and Ashutosh Lawania, Myntra has a portfolio of over 6,000 brands and it delivers to over 19,000 pin codes across India. Moving forward, Myntra is strategizing to expand its product range tailored to different user demographics, boost its presence in non-apparel segments, and further enhance its premium fashion offerings by integrating beauty, international brands, and direct-to-consumer (D2C) lines. Additionally, the company aims to extend its market reach to non-metro areas. In July 2023, Myntra underwent an internal restructuring, resulting in the termination of approximately 50 employees. The restructuring affected roles across various verticals, with a significant impact on the private label business.

Download the medial app to read full posts, comements and news.