Home Retail Flipkart invests Rs 338 crore in Myntra to take on competition

Flipkart invests Rs 338 crore in Myntra to take on competition

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

Flipkart invests Rs 338 crore in Myntra to take on competition
In May 2014, Myntra was acquired by Flipkart

Myntra has received the fresh round of funding when its rival Jabong is struggling. In September, the founders of Jabong – and – made an exit and former executive 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.