Myntra

A FEMA investigation against Flipkart-backed online fashion-and-lifestyle platform Myntra has been "terminated" after the RBI issued a compounding order on the basis of a "no objection" given by the Enforcement Directorate (ED). The Reserve Bank of India (RBI) issued the order on April 20 in the case of Myntra Designs Private Limited, the ED said in a statement. The central agency had initiated a probe against the e-commerce platform last year for alleged contraventions of the Foreign Exchange Management Act (FEMA), based on "credible" information. A compounding order in the regulatory context means a formal decision taken by an authority to settle an offence by allowing the defaulter to pay a monetary penalty instead of facing prosecution. The agency was probing the company for two alleged contraventions of the FEMA covering transactions worth about Rs 46 crore. Myntra, according to the ED, made a one-time payment of Rs 2.88 lakh to get the case compounded or closed. Compounding

The fashion retailer aims to bring 1 million creators into its affiliate ecosystem as creator-led commerce contributes a growing share of sales

India's fashion ecommerce players are increasingly betting on luxury over mass, testing whether margins can grow without losing scale

Myntra has appointed Sharon Pais as its new head as Flipkart accelerates plans for a 2027 IPO, with focus on quick commerce, AI and Gen Z-driven growth

Walmart-owned fashion e-commerce platform Myntra on Saturday announced the appointment of Pramod Adiddam as its Chief Technology Officer (CTO), effective immediately. Adiddam takes over the technology leadership role following the departure of Raghu Krishnananda, who served as the Chief Product and Technology Officer (CPTO) for over five years before leaving the organisation in April 2025. In his new role, Adiddam will oversee Myntra's overall technology strategy, focusing on innovation, long-term platform elasticity and technical capabilities to support the organisation's scale and momentum, Myntra said in a statement. Adiddam brings over two decades of experience in building and operating large consumer-facing platforms. Before joining Myntra, he held senior leadership roles at Google and Instacart, where he led global engineering teams across platform development and marketplace expansion. Commenting on the appointment, Myntra CEO Nandita Sinha said, "Technology underpins Myntra

Myntra co-founder Mukesh Bansal and ex-Google executive Peeyush Ranjan have launched Fermi, an AI-first STEM edtech platform targeting India and the US

Move targets early-stage Indian fashion, beauty and lifestyle sellers seeking to scale beyond their own websites and social media

After seven years with the Flipkart Group, including four at Myntra, CFO Abhishek Gupta to pursue new career opportunities, according to the sources

Ethnic wear, beauty, and sportswear drive growth as smaller cities account for 70% of orders during Myntra's Big Fashion Festival, reflecting strong festive sentiment

The much-awaited festive sale is here, we're all excited about it. But consider this a reminder that not all discounts displayed on the screen are authentic; some may be fake.

E-commerce giants mobilise round-the-clock operations with food, entertainment as India's shopping season is projected to grow 27 per cent

Flipkart-owned retailer posts ₹548 crore profit amid intensifying competition in India's digital fashion market

Myntra has teamed up with Sourav Ganguly to launch Souragya, a premium ethnic wear brand featuring Bengali-inspired festive designs ahead of the Durga Puja shopping season

Fashion ecommerce retailer woos India's Generation Z consumers with hybrid skincare-makeup products

Seasonal hiring includes around 30% women as demand ramps up before Big Fashion Festival

ED's investigation allegedly found that Myntra received FDI equivalent of Rs 1654.35 crore and that it sold the majority of its goods to Vector E-Commerce

The Enforcement Directorate has filed a case under the Foreign Exchange Management Act against Myntra Designs, its related firms, and directors for alleged FDI violations worth over ₹1,654 crore.

The ED files Fema case against Myntra for ₹1,654 crore FDI violation, alleges it routed retail sales via group firm Vector while posing as wholesale; complaint filed under Section 16(3)

The move comes after Myntra launched its two-hour delivery service called M-Now in select areas of Bengaluru, Delhi-NCR, and Mumbai

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