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Myntra secures $54 million fund infusion from parent Flipkart

Economic Times

Economic Times · 1y ago

Myntra secures $54 million fund infusion from parent Flipkart

Flipkart-owned online fashion platform Myntra has received a $54 million investment from Flipkart, its second investment in a year. Myntra has been facing stiff competition from rivals such as Ajio and Tata Cliq. The company has been focusing on expanding its portfolio of international brands, with premium offerings showing strong growth. However, a research note by Bernstein revealed that while Myntra has a 55% market share in the fashion e-commerce segment, users on its app are not transacting as much as before. Flipkart's investment in Myntra comes after parent company Walmart committed $600 million to Flipkart.

Related News

Myntra secures $81 million fund infusion from parent Flipkart

Economic Times

Economic Times · 6m ago

Myntra secures $81 million fund infusion from parent Flipkart

Myntra, an online fashion retailer, secured an $81-million fund infusion from parent company Flipkart. Myntra faces growing competition as Shein re-enters the Indian market. Following a previous $339 million injection in March 2024, the funds were allocated internally. Myntra reported a net profit of Rs 31 crore for fiscal 2024, contrasting a Rs 782 crore loss previously. Expanding its 30-minute delivery service, Myntra plans to enter more Indian cities while enhancing beauty and home decor segments.

Myntra gets $54M from Flipkart; celebrates 17th birthday

IndianStartupNews

IndianStartupNews · 1y ago

Myntra gets $54M from Flipkart; celebrates 17th birthday

Indian fashion e-commerce giant Myntra has received a $54 million investment from parent company Flipkart. This funding comes as Myntra faces fierce competition from competitors like Ajio and Tata Cliq. Despite the challenges, Myntra has reported a 25% increase in operating revenue for the year ended March 31, 2023. The company has also been expanding its portfolio of international brands and holds a 55% market share in the fashion e-commerce segment. However, transaction volumes on Myntra's app have slowed down, indicating a challenging market.

Flipkart Singapore parent infuses Rs 1,421 crore in marketplace arm

Economic Times

Economic Times · 1y ago

Flipkart Singapore parent infuses Rs 1,421 crore in marketplace arm

Walmart-owned Flipkart has infused Rs 1,421 crore (around $170 million) in its Indian marketplace entity, Flipkart Internet, through its Singapore holding company. This is not new funding but an internal cash transfer. It is the second major fund infusion received by Flipkart Internet from its Singapore-based entities this year. The latest funding takes the total infusion in the marketplace entity to $281 million. Flipkart aims to launch its quick-commerce service and has been working on faster deliveries, including same-day delivery in several cities. Meanwhile, Amazon India has also received funds exceeding Rs 1,000 crore from its US parent company.

Flipkart receives another $262 Mn from Singapore-based parent

Entrackr

Entrackr · 3m ago

Flipkart receives another $262 Mn from Singapore-based parent

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.

Flipkart Internet Rakes In $111 Mn From Singapore Entities

Inc42 · 1y ago

Flipkart Internet Rakes In $111 Mn From Singapore Entities

Amazon India's marketplace business, Amazon Seller Services, has received INR 830 crore ($111 million) from its US parent company. Flipkart's marketplace arm, Flipkart Internet, has also received a cash infusion of around INR 924 crore ($111 million) from its related entities in Singapore. These capital injections come as Flipkart is reportedly seeking to raise $1 billion in funding, with $600 million committed by Walmart. Flipkart's Big Billion Days sale event in October 2023 saw a record-breaking 1.4 billion customers visit. Meanwhile, Amazon Seller Services has received INR 830 crore from its US parent.

Flipkart Internet Gets INR 1,421 Cr From Singapore Parent Entity

Inc42 · 1y ago

Flipkart Internet Gets INR 1,421 Cr From Singapore Parent Entity

Flipkart India has received INR 1,421 Cr (around $170 Mn) in funding from its Singapore parent, marking the second major fund infusion into the company. The transfer was completed in two tranches, on March 23 and April 6. This funding brings the total infusion received by Flipkart India to $281 Mn. The company has been focusing on expanding its offerings, including plans to venture into the quick-commerce space and opening dark stores in multiple cities. Flipkart has also launched a bus booking facility on its app, expanding its travel services. However, its valuation has dropped by $5 Bn due to the demerger of PhonePe into a separate entity.

Myntra Design receives $125 Mn from parent entity

Entrackr

Entrackr · 3m ago

Myntra Design receives $125 Mn from parent entity

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.

Binny Bansal’s Three State Ventures funds new startup OppDoor

Economic Times

Economic Times · 1y ago

Binny Bansal’s Three State Ventures funds new startup OppDoor

Flipkart founder, Binny Bansal, has invested nearly $2 million in his new venture, OppDoor, through his venture fund, Three State Ventures. OppDoor is a software services platform that aims to assist emerging online retail brands in expanding globally. The investment was made in multiple tranches over the past few months, with the latest cash infusion occurring in February. Bansal has been using capital from the sale of his Flipkart shares to fund his new ventures. OppDoor is currently providing ecommerce services to US brands on Amazon in international markets.

Flipkart Internet receives Rs 3,249 crore infusion from Singapore parent

Economic Times

Economic Times · 4m ago

Flipkart Internet receives Rs 3,249 crore infusion from Singapore parent

Flipkart Internet, the marketplace division of Walmart-owned Flipkart, received a Rs 3,248.9 crore infusion from its Singapore-based parent through a rights issue of equity shares. This follows previous funding rounds totaling Rs 2,345 crore in 2024. In FY24, Flipkart Internet reported a 21% revenue increase to Rs 17,907.3 crore and narrowed losses by 41% to Rs 2,358 crore. The company is preparing for an IPO and expanding into the quick commerce sector with its ‘Minutes’ service.

Myntra secures Rs 1,063 crore funding from Singapore-based parent entity

Economic Times

Economic Times · 3m ago

Myntra secures Rs 1,063 crore funding from Singapore-based parent entity

Online fashion retailer Myntra secured Rs 1,062.5 crore in funding from FK Myntra Holdings. The funding comes as Myntra expands to Singapore with its new platform, Myntra Global, offering Made-in-India brands. Despite facing competition from players like Shein, Myntra recently turned profitable, reporting a net profit of Rs 31 crore for FY2024. Additionally, Myntra is entering the rapid delivery space with M-Now to compete with quick commerce platforms like Zepto and Swiggy Instamart.

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