Myntra receives ₹1,062 cr from Singapore parent
Summary
The companys board has allotted 19,43,753 equity shares at an issue price of 5,466 per share through a rights issue, raising the stated amount, according to a regulatory filing by Tofler.Walmart-backed Flipkart had infused $81 million in Myntras holding company in February earlier this year. During the year, its operating revenue grew by 15 per cent to 51,222 crore.Earlier this month, the vertical marketplace launched the Myntra Global service in Singapore to tap into the Indian diaspora in the region. Myntra will ship the products from India and will handle the inventory with support from its third-party vendors. The company sees a huge potential in the Singapore market, driven primarily by demand for apparels for cultural occasions such as festivals, weddings, and special celebrations.Meanwhile, the company has been ramping up its delivery timelines to cater to a growing segment of users getting used to quick commerce. In November last year, the platform launched the 30-minute delivery service M-Now for selected assortments in some pin codes.Along with growing competition from horizontal players including Zepto and Blinkit, the quick-commerce space has seen significant interest from newer start-ups such as Slikk, a fashion marketplace offering 60-minute delivery.More Like This