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Flipkart invests ₹175 crore in Myntra
January 21, 2021
Flipkart has infused ₹175 crore into Myntra, the style and way of life accessories marketplace arm of the online business giant. The new infusion for Myntra comes not long after it finished up the thirteenth edition of its biannual End of Reason Sale (EORS).
Myntra Design will allot 491,997 value shares at an issue cost of ₹3,561 for every offer to Flipkart Myntra Holdings Pte to raise ₹175.2 crore, administrative filings show. The fresh proceeds would assist Myntra with keeping up its post situation in the online fashion segment.
Since the second 50% of the most recent year, Flipkart Group, which owns Myntra, has been fortifying its grip in the way of life and fashion apparel space. In October, Flipkart had put ₹1,500 crore in Aditya Birla Fashion and Retail or ABFRL for a minority stake of 7.8%. Before long, it additionally put an undisclosed sum in Universal Sportsbiz Pvt Ltd or USPL.
Virat Kohli-supported USPL is counted among the main brands on Myntra in the couple of years. Other than its own foundation, USPL’s products are primarily sold on Myntra and Flipkart.
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