Myntra Secures $81 Mn In Funding From Parent Flipkart

Myntra, a major fashion e-commerce company, has reportedly received $81 million (about Rs 709 crore) from its parent company, Flipkart.

According to an ET report, this was an internal cash transfer that took place in November 2024.

This comes after Flipkart's reported $339 million investment in Myntra in March last year.

This growth comes as Myntra focuses on expanding its quick commerce services. In November last year, the company started testing a new delivery feature called “M-Now,” which promises deliveries in 30 minutes to 2 hours, available in select areas of Bengaluru.

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Besides its main fashion business, Myntra is expanding into new areas like beauty and home decor.

In the online fashion market, Myntra competes with companies like Reliance Retail’s Ajio, Tata Cliq, and Nykaa Fashion.

About Myntra 

Founded in 2007 by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena, the Bengaluru-based Myntra is an online marketplace where third-party sellers can sell fashion products to customers.

In 2014, Flipkart purchased the fashion e-commerce company for $240 million.

Myntra’s revenue for the financial year ending March 2024 (FY24) was INR 5,121.8 crore, a 15% increase from INR 4,465 crore in the previous year. The company became profitable, reporting a net profit of INR 30.9 crore, compared to a loss of INR 782.4 crore in FY23.

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