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Mar, 06 2018

Myntra gets Rs 415 crore boost from parent Flipkart

The company recently reported revenues of Rs 2,000 crore for the financial year ending 2017 clocking an almost 90% growth. The revenue grew about 40% from the previous year.

Fashion focussed e-tailer Myntra has received a capital infusion of around Rs 415 crore from its Singapore-based parent, FK Myntra Holdings as per latest regulatory filings. FK Myntra Holdings paid Rs 624 per share of Myntra Designs, which was approved by the board in January this year, as per business research platform Paper.vc. the online portal is run by Myntra Designs.

The company recently reported revenues of Rs 2,000 crore for the financial year ending 2017 clocking an almost 90% growth. The revenue grew about 40% from the previous year.

The development comes soon after Myntra's parent Flipkart pumped in a massive Rs 4,500 crore in its wholesale arm--Flipkart India.

Myntra’s Chief Executive, Ananth Narayanan has been trying to make a turnaround at Jabong which the fashion e-tailer acquired in 2016. The private labels on the Myntra platform have turned operationally profitable, Narayanan has said as the company aims to expand the size of this business.

The fashion e-tailer recently went under the management crises with the exits of its two Senior Executives--Chief Product Officer Ambarish Kenghe and Chief Revenue Officer Naresh Krishnaswamy .

Narayanan has been talking about continuous attempts of the company to reduce overall discounting on the platform as it eyes broader profitability. Most recently, the company has been looking to scale up its business of beauty products and other lifestyle products. Last year Myntra opened its first physical stores for its in-house label, Roadster in Bengaluru. It also manages India franchise of Mango and Esprit. Flipkart group with the combination of its own fashion business along with Jabong and Myntra dominate the online fashion space.

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