Myntra, the popular online fashion retailer, has received a fresh investment of ₹675 crore ($81 million) from its parent company, Flipkart. This funding is aimed at expanding Myntra’s fast delivery service for fashion products, making shopping even more convenient for customers.
According to regulatory filings in Singapore, the funds were received by FK Myntra Holdings Pvt Ltd in November 2024. This is the second time Flipkart has invested in Myntra in 2024, showing strong backing for its fashion business. Earlier, in March 2023, Flipkart had infused ₹2,825 crore ($339 million) into Myntra. However, this is not new external funding but an internal cash transfer within the Flipkart group.
Myntra’s financial performance has also seen a remarkable turnaround. In FY24, the company became profitable, reporting a net profit of ₹31 crore. This is a major improvement compared to the ₹782 crore net loss in the previous year. Its operating revenue also grew by 15%, reaching ₹5,122 crore, signaling steady growth.
One of Myntra’s biggest recent moves has been its entry into quick commerce. In December 2024, the company introduced a 30-minute fashion delivery service called “M-Now“. This made Myntra the first specialized fashion e-commerce platform to offer quick commerce on a large scale. The service was initially launched in select Bengaluru locations, offering 10,000 different fashion items for fast delivery.
With Flipkart’s continued support and a focus on innovation, Myntra is strengthening its position in India’s competitive fashion e-commerce space, making shopping faster and more efficient for its customers.