14 April 2022, Mumbai:
The Singapore arm of e-commerce company Flipkart has invested $116 million in fashion retailer Myntra.
This increases Flipkart’s investment in its various businesses in March to over $800 million.
In March, Flipkart invested $553 million in its marketplace business and another $143 million in the new healthcare business. The e-commerce company also launched a separate app for healthcare businesses, called Flipkart Health+.
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The new investment would help Myntra focus on building live commerce and beauty categories in the future, says Nandita Sinha, CEO.
The company’s live commerce feature aims to target Gen Z shoppers.
The company also launched Style Squad on February 22 to attract more influencers onto the platform and help them launch and promote new brands.
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Kalyan Krishnamurthy, the CEO, of Flipkart, says, Myntra will continue to operate with its strategy under the new management.
It will continue to target growing customer segments.
Walmart-owned online retailer Flipkart witnessed several changes in its management in recent months.
Amar Nagaram, the Former CEO, quit to start his own ventures along with Ramesh Bafna, CFO, and Harish Narayanan, CMO.
The e-commerce firm acquired Myntra in March 2014 for Rs 2,000 crore.
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