In response to regulatory filings made in Singapore, Myntra’s holding firm, FK Myntra Holdings Pvt Ltd, obtained the fund in January, making it the second funding from Flipkart in a yr. Flipkart had infused $105 million into Myntra in March 2023.
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Myntra didn’t reply to an electronic mail searching for remark.
ETtechIn the course of the yr ended March 31, 2023, Myntra reported 25% progress from a yr earlier in its working income at Rs 4,375 crore, whilst web loss widened to Rs 782 crore.
Myntra’s India unit — Myntra Designs Pvt Ltd — in January obtained Rs 689 crore (round $83 million) from Singapore-based FK Myntra Holdings.
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Myntra has been making an attempt so as to add to its portfolio of worldwide manufacturers collections, with premium choices exhibiting quick progress. On-line trend within the lower-price segments has currently witnessed a softness in demand.
On February 9, ET reported that Myntra would solely promote merchandise of Turkish model Trendyol, which is owned by the Alibaba group. On February 14, French attire model Kiabi entered the Asian market by means of a partnership with Myntra in India.
Myntra has greater than 420 world manufacturers in its portfolio, and will get a couple of quarter of its income from worldwide manufacturers. Two years in the past, it had 280 worldwide labels, ET reported on January 24.
The style e-tailer has additionally began focussing on choose personal labels as a substitute of scaling a variety of in-house manufacturers it had began within the attire area. To this impact, Myntra had undertaken a restructuring train final July that resulted within the shedding of fifty staff.
As per a January analysis word by Bernstein, Myntra had a 55% market share within the trend ecommerce phase primarily based on month-to-month energetic customers (MAUs). Reliance-owned Ajio continued to accumulate customers and held an round 33% market share, it mentioned. Nykaa Style, run by listed agency FSN E-commerce Ventures, had a couple of 6% share in MAU phrases. “In December 2023, Myntra exhibited the best progress charge amongst friends at 25%,” the report mentioned.
Nonetheless, based on the report, a better take a look at the enterprise advised that customers on Myntra’s app weren’t transacting as a lot as earlier tendencies. Myntra’s gross merchandise worth grew solely 12% in FY23 as in comparison with 35% in FY22, Bernstein famous. “The style market is extraordinarily fragmented offline, and the net market is seeing comparable tendencies with a number of gamers rising to realize share,” it added.
Flipkart’s funding in Myntra has come shut on the heels of the horizontal market itself receiving a $600 million dedication from US-based father or mother Walmart, as a part of a $1 billion funding spherical.
