31 May, Mumbai 2025
Online fashion retailer Myntra has received a substantial capital infusion of Rs 1,062.5 crore from its Singapore-based parent company, FK Myntra Holdings. This latest funding follows earlier investments of $339 million in March 2024 and $81 million in November 2024, as the platform continues to accelerate its growth initiatives.
This financial boost coincides with Myntra's strategic move into international markets with the launch of Myntra Global. This new platform is specifically designed to cater to the Indian diaspora in Singapore, offering a curated selection of fashion and ‘Made-in-India’ products. This marks the brand's inaugural foray into global e-commerce.
To facilitate these cross-border operations, Myntra is collaborating with third-party international logistics providers to ship inventory from India to Singapore, with an average delivery timeframe of four to seven days.
This expansion comes amidst a highly competitive Indian online apparel market, which has seen the re-entry of the Chinese fast-fashion platform Shein.
Despite the intensifying competition, Myntra reported a significant turnaround in its 2024 fiscal year. The company recorded a net profit of Rs 31 crore, a stark contrast to the net loss of Rs 782 crore reported in the previous year. Furthermore, operating revenue increased by 15 per cent Y-o-Y to Rs 5,122 crore, reflecting robust demand and enhanced operational efficiency.
