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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 Design receives $125 Mn from parent entity

EntrackrEntrackr · 1m ago
Myntra Design receives $125 Mn from parent entity
Medial

Myntra Design, a fashion e-commerce platform owned by Flipkart and operated in India, secured Rs 1,062.5 crore or $125 million from its Singapore-based parent company FK Myntra Holdings. Prior to this, Flipkart infused $81 million in Myntra’s holding entity in Singapore. The board at Myntra allotted 19,43,753 equity shares at an issue price of Rs 5,466 each on a right issue basis to raise the aforementioned amount, its regulatory filing accessed from the Registrar of Companies (RoC) shows. This development comes at a time when e-commerce platforms are facing intense competition, further heightened by the re-entry of Chinese fashion brand Shein into the Indian market through Reliance Retail. Flipkart acquired Myntra in 2014 for $240 million. The fashion e-commerce major turned profitable in the fiscal year ending March 2024, reporting a profit of Rs 30.9 crore—a significant turnaround from a massive loss of Rs 782.4 crore in FY23. During the same period, its revenue from operations surpassed Rs 5,100 crore. In November 2024, Myntra entered the quick commerce space with the introduction of its new feature, M-Now to deliver fashion and beauty products in just 30 minutes to 2 hours to compete with other major players in the space including Zepto, Blinkit, Instamart. Flipkart also joins the likes of Pine Labs, Razorpay, Meesho who are relocating their domicile to India ahead of their public listing.

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