Myntra raises $125 million from Singapore parent

Myntra, Walmart-backed Flipkart Group’s e-commerce platform, raised $125 million (about ₹1,062.50 crore) from parent FK Myntra Holdings Pvt Ltd (Singapore), startup news platform Entrackr reported.

The funding involved the issue of 1.94 million shares to the parent at a nominal amount of ₹1 and a significant premium of ₹5,465.23 per share, the report said, citing regulatory filing accessed from the Registrar of Companies (RoC).

The move comes as the online shopping portal is expanding its business in India and overseas.

Earlier this month, the fashion e-commerce portal checked into Singapore, its first international destination, seeking to tap the 650,000-strong Indian diaspora in the city-state, of whom Myntra counts about 30,000 as its users.

Myntra, which commenced operations in 2007, has 70 million monthly active users and sells a range of global and homegrown apparel, beauty and home goods.

Owned by Walmart, along with Flipkart Fashion, Myntra commands a market share of over 50%, ahead of rivals such as Nykaa Fashion, Ajio, Amazon, Meesho, and others.

Last year, it raised $81 million from parent Flipkart, which had acquired Myntra in 2014.

Also in 2024, it announced a multi-year franchise tie-up with NYSE-listed Abercrombie & Fitch Co., paving the way for the launch of Abercrombie & Fitch and Hollister stores in India.

The partnership will see Myntra Jabong set up brick-and-mortar stores, regional e-commerce sites, and branded digital storefronts in the country, leveraging a network of licensed and independent third-party operators. It has similar partnerships with Mango, Nautica, and British retailer Next.