Flipkart has infused Rs 338 crore into Myntra, the fashion and lifestyle accessories marketplace arm of the e-commerce giant. The fresh infusion for Myntra comes soon after it concluded the 13th edition of its bi-annual End of Reason Sale (EORS).
The cash infusion is seen as an attempt to boost Myntra’s leadership position in the fashion segment. Myntra Design will allot 491,997 equity shares at an issue price of Rs 3,561 per share to Flipkart Myntra Holdings Pte to raise Rs 175.2 crore, regulatory filings show. The fresh proceeds would help Myntra to maintain its pole position in the online fashion segment. According to the documents, Myntra Designs Pvt. Ltd received the funds in January from Singapore-based FK Myntra Holdings Pvt. Ltd, a unit of Flipkart Ltd.
