07 February 2025, Mumbai
Online fashion retailer, Myntra has received an $81 million investment from its parent company, Flipkart. This funding comes as Myntra expands its quick delivery service for apparel, M-Now, and prepares for increased competition with the return of Shein to the Indian market.
Made in November 2024, the $81 million infusion is the second investment from Flipkart in 2024, following a $339 million investment in March. This is an internal transfer of funds, not new external funding. Myntra has also improved its financial performance, achieving profitability in FY 2024 with a net profit of Rs 31 crore, a significant turnaround from the Rs 782 crore loss in the previous year. The retailer’s operating revenue also increased by 15 per cent to Rs 5,122 crore during the year.
In December 2024, Myntra launched its 30-minute delivery service, M-Now, in Bengaluru offering about 10,000 SKUs. The company plans to expand the service to Mumbai, New Delhi, and Pune. This move puts Myntra in direct competition with quick commerce players like Blinkit, Zepto, and Swiggy Instamart, which have also started offering apparel deliveries in partnership with various brands.
Besides its core fashion business, Myntra is growing its beauty and home decor segments. In the competitive online fashion market, Myntra faces competition from Reliance Retail's Ajio, Tata Cliq, and Nykaa Fashion. Shein's recent relaunch in India, after a five-year ban, and the dominance of Trent Ltd's Zudio in the fast fashion market further intensify the competition.
