Myntra Receives Capital Infusion Of $103 Million From FK Myntra Holdings

• Online fashion e-commerce company Myntra receives a capital infusion of $103 million from FK Myntra Holdings Pvt Ltd.
• The investment comes after the announcement of Myntra's big fashion festive sale that kicks off on October 16.
• In March 2018, Myntra secured $176 million from FK Myntra Holdings.

Flipkart-owned fashion e-commerce company Myntra receives a capital infusion of $103 million (Rs 751 crore) from Singapore-based FK Myntra Holdings Pvt. Ltd.

According to the regulatory documents reported by Tofler, Myntra Jabong India has issued 10,79,136 shares to FK Myntra Holdings, and 97,058 shares to QuickRoutes International, at a price per share of 6,427.

In March 2018, Myntra secured a capital infusion of $176 million from FK Myntra Holdings Pvt. Ltd.

The investment comes after the announcement of the upcoming Myntra's big fashion festive sale, to start on October 16.

The company expects double sales and revenue compared to the previous year's sale.

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“This festive season is going to be the biggest fashion event, not just for Myntra, but what this country has seen,” said, Amar Nagaram, CEO of Myntra.

“It’s also going to be the biggest in terms of the selection we’ve put together 9 million styles, across 5,000 brands,” he added.

According to the company's financial report, Myntra had recorded a loss of Rs 539.4 crore in the FY-19. The company also reported its overall income of Rs 1088.8 crore in the FY-19.

About - Myntra is an online e-commerce platform founded in February 2017 by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena. In 2014, Flipkart acquired Myntra for Rs 2,000 crore. Two years later, In 2016, Myntra acquired Jabong for Rs 510 crore.

Myntra has raised over $342.6 million, funded by 9 investors including Flipkart, Kotak Mahindra Bank, Tiger Global Management, and among others.

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