Flipkart invests $81 million in fashion arm Myntra

E-commerce giant Flipkart has invested $81 million in its fashion arm Myntra as the business focuses on expanding its quick delivery services amid the rise of quick commerce in India. 

Myntra’s holding company FK Myntra Holdings Private Limited received the funding injection as an internal cash transfer at the end of 2024, according to regulatory filings made in Singapore, accessed by ET Tech. The $81 million investment followed $339 million channelled from Flipkart to Myntra in the spring of last year. 

Multi-brand fashion and lifestyle retailer Myntra reported turning a profit of Rs 31 crore in the 2024 financial year and has been focusing on boosting its bottomline. The business also saw its operating revenue increase by 15% year on year to total Rs 5,122 crore in the 2024 fiscal year. 

India’s quick commerce market is growing swiftly with more and more fashion and beauty businesses now joining the sector which was previously dominated by groceries. To respond to these evolving market dynamics, Myntra debuted its 30 minute delivery service in select locations in December 2024. Myntra’s M-Now service is currently operational in select parts of the Bengaluru metro area and the business plans to expand it to cities including New Delhi, Mumbai, and Pune in the near future which could be a potential use for its new investment.