Singapore: According to Singapore regulatory filings, Flipkart has invested $116 million in fashion retailer Myntra, according to Economic Times.
According to the report, the investment was made on March 25, just before the end of the previous fiscal year.Flipkart previously invested $700 million in its marketplace and health vertical. Flipkart’s investment in its various businesses increased to more than $800 million in March as a result of the new investment.
Flipkart’s new investment comes amid new competition from Reliance Retail’s Ajio, which ranks second in the segment, and Nykaa, which dominates the beauty and personal care space. With Nykaa Fashion, the company is quickly making inroads into the fashion etailer market.
Tata has also made inroads into this space with Tata Cliq and Westside, which have joined Tata’s super app, Tata Neu.
According to the report, Reliance and Tata are looking to build their own beauty and personal care platforms.
Nandita Sinha, Myntra’s new CEO, told ET that the company would focus on building live commerce and the beauty category in the near future.
Flipkart paid Rs 2,000 crore for Myntra in March 2014.