Fashion e-tailer Myntra has raised $176 million from Flipkart’s Singapore-based subsidiary FK Myntra Holdings. The fresh capital will be used to strengthen strategies and explore the market further.
Last year in October, the company’s business-to-business (B2B) retail arm, Myntra Jabong got a working capital credit of $7.7 million from Kotak Mahindra Bank.
Earlier, the fashion e-tailer had taken a loan of $31.1 million from Yes Bank.
The Flipkart-owned company is exploring various opportunities for the market expansion.
Beefing up its partnership with well-known brands, Myntra recently acquired 5 per cent stake in Bengaluru-based outdoor gear and sports gear firm Wildcraft. This came as a part of Myntra’s brand accelerator programme, where Myntra has on-boarded two women-centric brands – AKS and Chemistry.
In February last year, the company struck a similar deal with Mango to manage 25-30 offline stores as well as the online presence of the Spanish-headquartered brand in India.
Myntra want to shift sales away from discounts and differentiate its platform. Striking exclusive partnership with well-known brands is a part of its strategy as Myntra wants to outrun Amazon India, which is fast catching up in the segment.
Last year, the fashion-centric e-commerce platform also announced the launch of its multi-brand offline stores where customers can see all the private labels that are available on its online platform.
Currently, it has 14 in-house private label brands including HRX, Moda Rapido, All About You among others. HRX by Hrithik Roshan is already a Rs 120 crore brand while Moda Rapido and AllAboutYou said to have crossed Rs 50 crore annual revenue each.
