Flipkart infuses Rs 415 crore into Myntra

Source: www.fibre2fashion.com

Indian e-tailing company Myntra recently bagged a capital infusion of around Rs 415 crore from its Singapore- based parent, FK Myntra Holdings, according to its latest regulatory filings in India. FK Myntra Holdings paid Rs 624 per share of Myntra Designs, which runs the online portal. The company’s board approved this in January this year.

The development comes after Myntra’s parent Flipkart pumped in Rs 4,500 crore to its wholesale arm Flipkart India, according to a report in a top Indian newspaper.

Myntra recently reported revenues of Rs 2,000 crore for the financial year ending 2017, managing an almost 90 per cent growth. The company’s revenue grew about 40 per cent a year earlier.

Flipkart group with the combination of its own fashion business along with Jabong and Myntra dominate the online fashion space.

Categories: Asia, Business, E-commerce, India

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