Myntra gets 1,171 crore rupee boost from Flipkart

By

Isabelle Crossley

Published
Mar 2, 2018

The e-commerce fashion platform Myntra has just been given a large injection of funds by its parent company Flipkart.

Stock exchange reports show that the Bengaluru based e-commerce giant Flipkart has directed a sizeable amount of money to its fashion arm, Myntra. The sum, totalling 176 million US dollars (approximately 1,171 crore rupees) was sent through a subsidiary of Flipkart’s that is based in Singapore called FK Myntra Holding Private Limited.

In the company filings, Myntra Jabong Private Limited issued a total of 717,429 shares valued at one rupee each at a premium of 245.26 US dollars (approximately 15,999 rupees) which allowed the business to raise the 176 million US dollar total. The company name was changed from QuickRoutes Internet Private Limited to Myntra Jabong Private Limited in July 2017 after Flipkart acquired Jabong in 2016. Neither Myntra nor Flipkart have so far made an official statement on the transfer of funds or their intended use.

The company Myntra Jabong Private Limited is a business to business (B2B) seller of fashion and fashion related merchandise. The company sells clothing from a variety of brands to the fashion e-tailers Myntra and Jabong as well as others.