Published
May 11, 2017
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Myntra’s annual budget hiked, plans to invest in ethnic brands, technology

Published
May 11, 2017

India’s leading online fashion retailer Myntra has got a hike in its annual budget from its parent company Flipkart and plans to use the additional funds to upgrade technology and ethnic brands, said a top company official. The hike comes amid reports earlier this year that Flipkart intends to cut its annual outlay for Myntra.


Reuters



“This year we got 25% extra money from the Flipkart board,” said Ananth Narayanan, chief executive of Myntra told the Economic Times. He declined to specify Myntra’s total annual budget.

Narayanan said Myntra would use the additional money to upgrade technology and to also invest in 3-4 small to medium ethnic brands to ramp up the company’s ethnic offerings.
Myntra’s budget boost comes close on the heels of Flipkart’s announcement last month that it had raised $1.4 billion funding from global giants Microsoft, eBay and WeChat-investor Tencent.

Narayanan said the additional budget will boost Myntra’s chance of reaching its milestone of becoming profitable by March 2018 along with Jabong. com, the rival online fashion portal that Myntra acquired last year for $70 million.
 

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