The move is made in a bid to boost Myntra’s position in the fashion segment.
Myntra received the funds from Singapore-based FK Myntra Holdings Pvt. Ltd, a unit of Flipkart Ltd, in January 2016, as per the documents.
Myntra’s revenue grew by 77% to $112.8 Mn (INR 758 Cr.), for the year ended 31 March 2015. Losses, however, tripled to $167.6 Mn (INR 1,126.60 Cr) in fiscal 2015 from $57 Mn (INR 386.10 Cr) the year earlier, according to documents filed with the Registrar of Companies.
Earlier in February 2016, as a restructuring move by CEO Binny Bansal in a bid to focus only on profitable ventures and to offload liabilities, Flipkart reportedly shut down its grocery delivery division ‘Nearby’.
Prior to this, in January 2016, Myntra took a U-turn on its app only strategy, and re-launched its mobile website, in a bid to avoid missing out on customers.
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