Myntra has secured a US$54 million investment from parent company Flipkart amid its tough competition with Reliance’s Ajio and Tata Cliq.
This is Flipkart’s second investment in Myntra following $105 million in March last year.
The new investment came as Walmart, Flipkart’s largest shareholder, committed $600 million to the India-headquartered parent company as part of a $1 billion funding round.
Last July, Myntra commenced a restructuring program that included prioritising private labels over a wide range of in-house brands.
Myntra currently has more than 420 global brands on its platform, up from 280 two years ago.
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