Myntra raises ₹1,062 cr from parent firm in fresh capital infusion

The Flipkart-owned platform eyes growth in Singapore and beyond, posts Rs 30.9 crore profit in FY24, and readies for its flagship sale event starting May 31

Myntra, the online fashion platform owned by Walmart-backed Flipkart Group, has secured Rs 1,062.5 crore in fresh funding from its Singapore-based parent entity, FK Myntra Holdings Pvt Ltd, according to regulatory filings reviewed by business intelligence platform Tofler.

 

As part of the capital infusion, Myntra issued approximately 1.94 million shares, each with a face value of Rs 1 and a premium of Rs 5,465.23 per share.

 

The development comes at a time when the company is scaling up its operations in India and overseas. Myntra recently forayed into the international market with the launch of Myntra Global, marking its first direct-to-consumer expansion outside India. The company is entering Singapore in a move targeted at the 650,000-strong Indian diaspora. It will offer handpicked, trendy Indian fashion styles while also providing a seamless and hassle-free shopping experience to its customers in the country. It has plans to expand into other markets as well. 

 

Myntra, a leading player in India’s online fashion space, draws more than 70 million monthly active users and features a catalogue of over 3.9 million styles across 9,700 domestic and international brands.

 

The firm recently turned profitable. It reported a profit of Rs 30.9 crore in FY24, marking a significant turnaround from a loss of Rs 782.4 crore in FY23. The company’s recovery was fuelled by higher revenue and tighter cost controls, especially in advertising and material expenses. Myntra’s revenue from operations grew by 14.71 per cent to Rs 5,121.8 crore in FY24 from Rs 4,465 crore in FY23, the company said in a regulatory filing.

 

Myntra is set to host the 22nd edition of its flagship End of Reason Sale (EORS) from 31 May to 12 June. Shoppers from Tier-I, Tier-II, and emerging cities can explore a vast selection of over 4 million styles from more than 10,000 brands, including international, domestic, and home-grown names.

 

“Every edition (EORS) deepens our connection with customers, empowers emerging brands, and pushes the boundaries of tech-led, immersive shopping experiences,” stated Bharath Kumar, head of revenue and growth at Myntra.

 

Myntra’s M-Now service has emerged as the go-to option for customers in Bengaluru, empowering fashion-forward shoppers to receive their orders starting in approximately 30 minutes.