According to regulatory papers issued by the firm, Walmart-backed Flipkart invested $116 million in apparel retailer Myntra on March 25th. The news comes just days after the e-commerce giant announced that it will list in the United States next year and that its IPO valuation target has been upped by a third to $60-70 billion.
In 2014, Flipkart paid Rs 2,000 crore for Myntra. Flipkart Health, the ecommerce platform’s healthcare division, received $143 million in funding. Flipkart launched the Flipkart Health+ app a few days later, allowing customers to access pharmaceuticals, healthcare items, and services across India.
The investment by Flipkart in Myntra comes at a time when the fashion E-commerce site is experiencing stiff competition. Companies like Reliance’s Ajio, Amazon, Snapdeal, Limeroad, Nykaa, and others compete with the fashion portal. The Tata group introduced the Tata Neu app last week, which is a one-stop shop that includes payments, entertainment streaming, shopping, travel bookings, and groceries.