Myntra Design, the fashion-focused e-commerce platform owned by Flipkart, has secured a fresh capital infusion of $125 million (approximately Rs 1,062.5 crore) from its Singapore-based parent company, FK Myntra Holdings.
According to recent filings with the Registrar of Companies, cited by Entrackr, Myntra’s board approved the allotment of 19,43,753 equity shares at Rs 5,466 per share through a rights issue to raise the funds.
The latest investment follows Flipkart’s earlier infusion of $81 million into Myntra’s Singapore holding entity. Flipkart had acquired Myntra in 2014 for $240 million and continues to back its expansion and growth.
The new funding comes on the heels of Myntra’s financial turnaround in FY24, when it posted a net profit of Rs 30.9 crore — a sharp recovery from a loss of Rs 782.4 crore in FY23. Its revenue also grew by 14.7% year-on-year, rising to Rs 5,121.8 crore in FY24 from Rs 4,465 crore the previous year.
The funding news comes at a time when India’s e-commerce sector is witnessing intense and growing competition driven by rapid digital adoption, increasing internet penetration, and a surge in mobile-first consumers.
Within India, Myntra faces stiff competition from Reliance Retail-backed Ajio, and the likes of Tata CLiQ and Tata Neu. Myntra is also facing renewed competition from Shein, which has re-entered the Indian market through a partnership with Reliance Retail. Broader competition also comes from e-commerce giants Amazon and Flipkart that are aggressively expanding across multiple categories, including fashion, electronics, and groceries.
Looking beyond India, Myntra recently launched Myntra Global in Singapore, marking its first foray into international markets. The move aims to tap into the rising demand for Indian fashion among the sizable Indian diaspora and fashion-conscious consumers in Southeast Asia. In the initial phase, Myntra plans to capture 12–15% of the Indian-origin consumer base in Singapore.
The Myntra Global platform will feature over 35,000 styles across categories such as apparel, footwear, home, and accessories, showcasing more than 100 Indian brands including Aurelia, Global Desi, The Label Life, House of Pataudi, Anouk, Bombay Dyeing, Rare Rabbit, and Nasher Miles.
