Flipkart invests $116 million in fashion arm Myntra
E-commerce giant Flipkart’s Singapore entity has invested $116 million in its fashion retailer Myntra to bolster the business as it faces fierce competition from other players.
The funding injection was carried out on March 25, before the end of the 2022 financial year, according to regulatory documents filed in Singapore, accessed by the Economic Times. The investment brings Flipkart’s total investments in its own entities to more than $800 million for the month of March this year. Other investments it made last month include a $553 million investment in Flipkart Marketplaces and a $143 million investment in its new healthcare business.
As well as receiving increased investment from its parent entity, Myntra is responding to increased competition in the fashion and beauty space by harnessing social media and upcoming shopping trends. In February, Myntra launched Style Squad which is a partnership with influencers who launch and promote new brands available on Myntra.
Flipkart first acquired Myntra in March, 2014 for a sum of Rs 2,000 crore. Myntra retails a wide range of Indian and international fashion brands and has been increasingly moving into the live commerce space, a fast growing segment in India amongst Gen Z shoppers.
Copyright © 2023 FashionNetwork.com All rights reserved.