Myntra gets Rs 1,171 crore fund boost from Flipkart

Myntra has just been given a large injection of funds by its parent company Flipkart. As per reports, Flipkart has directed a large amount of money to its fashion arm, Myntra. The sum of approximately Rs 1,171 crore was sent through a subsidiary of Flipkart’s that is based in Singapore called FK Myntra.

In its filings, Myntra Jabong issued a total of 717,429 shares valued at one rupee each at a premium of $245.26 (approximately Rs 15,999) which allowed the business to raise the $176 million total. The company name was changed from QuickRoutes Internet to Myntra Jabong in July 2017 after Flipkart acquired Jabong in 2016. Neither Myntra nor Flipkart have so far made an official statement on the transfer of funds or their intended use.

The company Myntra Jabong is a business to business (B2B) seller of fashion and fashion related merchandise. It sells clothing from a variety of brands to fashion e-tailers Myntra and Jabong as well as others.