Myntra, the online fashion retailer, has expanded its services to Singapore and obtained new finance of Rs. 1,062.5 crore (US $ 124 million) from its parent company, FK Myntra Holdings, based in Singapore.
In earlier rounds, parent company Flipkart invested US $ 339 million in March 2024 and US $ 81 million in November 2024 in the online apparel retailer.
In order to serve the Indian diaspora in Singapore, Myntra just established Myntra Global, a new platform that offers fashion and Made-in-India goods.
Through third-party international logistics providers, Myntra will assist its partner brands in shipping their inventory from India to Singapore. On average, the shipment time is anticipated to be 4–7 days.
Since Chinese fast fashion website SHEIN reopened five years after being banned, Myntra is up against more competition in India’s online clothing retail market.
Myntra turned profitable in the 2024 fiscal year. In fiscal year 2024, it made a net profit of Rs. 31 crore (US $ 3.62 million), compared to a net loss of Rs. 782 crore (US $ 91.36 million) the year before. In FY ’24, operating revenue increased by 15 per cent to Rs. 5,122 crore (US $ 598 million).
