Fashion e-tailer Myntra has received fresh fund infusion of US$ 103 million from FK Myntra Holdings, its Singapore-based parent entity, according to regulatory documents.
Regulatory documents sourced from business intelligence platform Tofler showed that Myntra Jabong India issued 10,79,136 shares to FK Myntra Holdings, and 97,058 shares to QuickRoutes International, a group entity, on October 3, at a price per share of 6,427.
The investment comes just days before Myntra’s Big Fashion Festival sale that kicks off on October 16, during which it expects to double sales compared to the same period last year.
Speaking about Myntra’s upcoming Big Fashion Festival, Amar Nagaram, CEO, Myntra said, “Myntra’s Big Fashion Festival will offer a specially curated selection of 9 lakh styles for consumers across the country, awaiting to bond over the joy of festivities. The region-specific collection will enable millions of consumers with diverse fashion choices, to celebrate the festive diversity of the country. The consistent momentum in demand observed over the last few months has given impetus to our brand partners, driving deeper collaborations this festive season. An event of this unprecedented magnitude is also set to provide thrust to Myntra’s ecosystem, especially the artisans, MSMEs, and our Kirana store partners.”
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