Flipkart is pumping money in Myntra to ramp up operations; hikes annual budget by 25%
May 11, 2017, 11:30 IST
In a bid to ramp up the operations, technology and ethnic offerings, Flipkart raised the annual budget of Myntra.
Myntra, which was acquired by Flipkart in 2014 for $300 million, will also use the budget to invest in at least three small to medium ethnic brands.
"This year we got 25% extra money from the Flipkart board," said Myntra CEO Ananth Narayanan.
"We will just invest in those brands and that will eventually be run by the entrepreneurs. In addition to our operating budget, our board has asked us to thoughtfully invest more in areas such as technology and brands which will help us continue on our growth trajectory and achieve profitability by March 2018," Narayanan told ET in an interview.
Flipkart has funds to rake in Myntra as it had raised $1.4 billion funding from global giants Microsoft, eBay and WeChat-investor Tencent.
Narayanan said, “The additional budget will boost Myntra's chance of reaching its milestone of becoming profitable by March 2018 along with Jabong.com.”
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Myntra, which was acquired by Flipkart in 2014 for $300 million, will also use the budget to invest in at least three small to medium ethnic brands.
"This year we got 25% extra money from the Flipkart board," said Myntra CEO Ananth Narayanan.
"We will just invest in those brands and that will eventually be run by the entrepreneurs. In addition to our operating budget, our board has asked us to thoughtfully invest more in areas such as technology and brands which will help us continue on our growth trajectory and achieve profitability by March 2018," Narayanan told ET in an interview.
Flipkart has funds to rake in Myntra as it had raised $1.4 billion funding from global giants Microsoft, eBay and WeChat-investor Tencent.
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