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Myntra Unpacks Its Global Dreams
Marking its first international foray, the fashion ecommerce marketplace has launched its operations in Singapore. The move is aimed at capitalising on the growing number of Indian diaspora living in the island country.
Why Singapore? Myntra CEO Nandita Sinha believes that with a sizeable number of Indians and a “highly concentrated and relevant audience, Singapore could serve as a good jumping board to kickstart the company’s international expansion. With this, Myntra aims to convert 12% to 15% of the 6.5 Lakh Indians residing in Singapore into its customers.
Myntra’s Singapore Strategy: At the outset, Myntra will ship the products from India in partnership with a third-party provider. With over 100 Indian brands and around 35,000 products under its belt in Singapore currently, Myntra plans to expand the number of SKUs to 1 Lakh. It will initially offer Indian wear and will eventually expand to other categories based on demand.
Why Now? This Singapore foray comes at a time when Myntra is racing against time to tap into newer revenue streams as quick commerce platforms, emboldened by their success with groceries and essentials, look to move into the fashion segment.
Opportunities & Threats: What would work in favour of Myntra and help it bolster its revenue stream is its strong brand identity and parent Walmart’s deep presence globally. Notably, the fashion ecommerce platform clocked a consolidated net profit of INR 30.9 Cr in FY24 against an operating revenue of INR 5,121.8 Cr, up 14% YoY.
However, delivery time and costs may become a major headache for the platform, which expects the shipping time to exceed four to seven days. Similarly, prices of its products are expected to swell due to cross-border duties and logistics costs.
As parent Flipkart gears up for an IPO, Myntra is going global with Singapore as its testbed.
From The Editor’s Desk
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Oxyzo Nets INR 533 Cr Debt: The lending arm of OfBusiness has raised the debt from Neo Group. Oxyzo, which plans to use the funds for its day-to-day business operations, offers loans to SMEs to buy raw materials, machinery and other requirements.
Euler Motors Bags INR 638 Cr: The commercial EV manufacturer has raised the funds as part of its Series D round led by Hero MotoCorp. The OEM that designs, manufactures, sells and services electric three-wheelers has raised INR 1,420 Cr to date.
GrowX Nets 17X Return From Pixxel: The VC firm has partially exited its investment in the spacetech startup with 17X gains in its kitty. GrowX, which first participated in Pixxel’s $680K pre-seed funding round in 2019, generated a 68% IRR over a 5.5-year holding period.
OYO Vs Zostel: The Delhi High Court has set aside the 2021 arbitral award against OYO, stating it violated public policy as it was based on a non-binding term sheet. The award entitled Zostel to claim up to a 7% stake in OYO’s parent company.
Elevation Dumps Partial Stake In ixigo: The VC firm offloaded more than 21.5 Lakh shares of online travel aggregator in a block deal worth INR 38.27 Cr. Elevation Capital, the OTA’s biggest shareholder, sold the shares at INR 178 apiece.
magicNOW’s Contribution To Food Delivery Biz: Founder and CEO Anshoo Sharma said that the startup’s rapid delivery arm currently accounts for 13% of its total food delivery orders. Sharma expects magicNOW to account for 20% of its total food delivery orders by FY26 end.
Uber To Sell Metro Tickets: The ride-hailing major Uber has partnered with the ONDC to offer a metro ticketing facility through its app. Starting from the Delhi metro, the company aims to expand this service to three more cities by 2025 end.
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