Flipkart has invested US $ 116 million in fashion retailer Myntra!
The investment comes amidst Myntra facing new challenges, and Reliance’s Ajio emerging as a significant second player in the market – not to mention beauty retailer Nykaa’s foray into fashion.
As per Economic Times, a leading business daily, the Indian ecommerce company’s Singapore entity has invested US $ 116 million in fashion retailer Myntra, according to regulatory filings in Singapore.
The investment was made on 25 March, just before the financial year ended. However, both Myntra and Flipkart haven’t respond on this as yet.
Notably, Tata Group has unveiled multiple fashion platforms – Tata Cliq and Westside – on the company’s new ‘super app’ Tata Neu, which was launched on 7 April.
Ashutosh Sharma, VP and Research Director at Forrester said, “The fashion category is a tough business and it requires significant investments in emerging technologies like artificial intelligence, metaverse and virtual reality.”
Almost 4 months ago Flipkart CEO Kalyan Krishnamurthy had said that they will be investing heavily in Myntra and growing it disproportionately.
Flipkart acquired Myntra in March 2014 for Rs. 2,000 crore.
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