Flipkart invests Rs 338 crore in Myntra to take on competition

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Flipkart has invested Rs 338 crore in online fashion store Myntra to boost its leadership in the fashion segment.

Myntra has received the fresh round of funding when its rival Jabong is struggling. In September, the founders of Jabong – Praveen Sinha and Arun Chandra Mohan – made an exit and former Benetton executive Sanjeev Mohanty was roped in as its chief executive officer.

In May 2014, Myntra was acquired by Flipkart and it was regarded as the biggest domestic consumer Internet deal at the time. In the next fiscal year, Myntra is targeting gross sales of $1 billion.

By March 2017, the online fashion store is also targeting to achieve operating profitability and plans to increase sales of higher-priced products and charging customers for deliveries of certain items to reduce losses.

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