Myntra Gets $81 Mn Infusion From Parent

Myntra Turns Profitable In FY24, Revenue Soars 15%

SUMMARY

Myntra has reportedly received an infusion of $81 Mn (around INR 709 Cr) from its parent entity Flipkart

According to an ET report, this was an internal cash transfer recorded in November 2024

This follows Flipkart's reported infusion of $339 Mn into Myntra in March last year

Fashion ecommerce major Myntra has reportedly received an infusion of $81 Mn (around INR 709 Cr) from its parent entity Flipkart.

According to an ET report, this was an internal cash transfer recorded in November 2024.

This follows Flipkart’s reported infusion of $339 Mn into Myntra in March last year.

Founded in 2007 by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena, Myntra is a marketplace which allows third-party sellers to sell their fashion products to customers.

In 2014, Flipkart bought the fashion ecommerce company for $240 Mn.

Myntra’s revenue from operations for the financial year ending March 2024 (FY24) stood at INR 5,121.8 Cr, up about 15% from INR 4,465 Cr in the previous fiscal year. The company turned profitable in the year under review, posting a consolidated net profit of INR 30.9 Cr as against a loss of INR 782.4 Cr in FY23.

Notably, the development comes at a time when Myntra is focussing on expanding its quick commerce offerings. In November last year, it was reported that the company was piloting a new 30-minutes to 2-hours delivery feature via the “M-Now” feature in select parts of Bengaluru.

The quick commerce segment in the country is seeing intense competition. The three leaders and early movers in the sector – Zepto, Blinkit and Swiggy Instamart – are flush with funds and expanding their footprints in the country. Besides, they are also expanding their SKUs and are also offering apparel and other fashion items now.

The entry of Amazon, Flipkart Minutes has further increased the competition.

Notably, the latest development comes at a time when Flipkart is reverse flipping to India from Singapore with an eye on going public.

On Wednesday (February 5), Inc42 reported that Flipkart’s CPTO Jeyandran Venugopal resigned from the company citing personal reasons. Venugopal was with the company for six years and before that he also had a short stint at Myntra.

While Myntra turned profitable in FY24, Flipkart is still a loss-making entity. Flipkart Internet, the marketplace arm of the ecommerce major, posted a 41% year-on-year (YoY) decline in its net loss to INR 2,358 Cr in FY24, while operating revenue zoomed 21% YoY to INR 17,907.3 Cr.