Myntra Expands to Singapore with New Platform, Backed by ₹1,062 Crore Funding
Online fashion retailer Myntra has raised fresh funding of ₹1,062.5 crore (approximately $124 million) from its Singapore-based parent company, FK Myntra Holdings, as it looks to expand beyond India.
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From India to Singapore: Myntra’s Global Expansion
Regulatory filings from the Registrar of Companies (RoC) reveal that FK Myntra Holdings allotted 19,43,753 equity shares of Myntra Designs Private Limited at an issue price of ₹5,465.23 each on a rights basis to raise this amount. This follows earlier investments by Flipkart, the parent firm, which infused $81 million in November 2024 and $339 million in March 2024.
In a strategic push to serve international markets, the company recently launched Myntra Global, targeting the Indian diaspora in Singapore. This new platform features Made-in-India brands and ships products directly from India via third-party logistics providers, with an expected delivery time of 4-7 days, thereby strengthening its global supply chain.
Domestically, the brand faces growing competition in the online fashion segment, especially after the return of the Chinese fast-fashion giant Shein, which had been banned five years ago. Despite this challenge, it achieved profitability in fiscal year 2024, posting a net profit of ₹31 crore compared to a net loss of ₹782 crore the previous year. Operating revenue also increased 15% to ₹5,122 crore during FY24.
The company is also expanding aggressively into the rapid delivery space through its quick commerce service, M-Now, to meet rising consumer demand for faster shipping. Besides apparel, product categories such as accessories, home furnishings, and makeup are being pushed on both its main platform and the rapid delivery service.
India’s quick commerce market is heating up with competitors like Zepto, Swiggy Instamart, and Blinkit enhancing their apparel offerings with promises of minute-level deliveries. Joining the race recently, fast fashion brand Newme launched its 60-minute delivery service, Newme Zip, in Bengaluru after earlier success in Delhi.
With fresh capital and a growing international presence, the company is set to consolidate its leadership in India’s competitive online fashion market while expanding its global footprint.
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