Indian fashion retailer Myntra raises $50M in funding as Amazon and Flipkart approach
Indian fashion portal Myntra has secured $50 million in a recent funding round. As the financing closed, the online seller received offers from both Amazon and Flipkart, the "Amazon of India," according to TechCrunch.
The latest fundraising gave Myntra a pre-money valuation of nearly $200 million. Premijilnvest, Tiger Global, Belgium-based firm Sofina, and Accel are the major investors in the said round. L Capital may have also participated in the round, the report detailed.
With the new capital, Myntra can now continue to invest in its growth as a standalone entity, should it choose to do so, the report noted.
Flipkart's offer is somewhere around $200 million, and is described as a merger deal. The value and nature of Amazon's bid, however, is still to be determined. Both approaches are still being considered by Myntra, the report explained.
Myntra, Amazon, Flipkart, and the investors have yet to comment on this news, TechCrunch reported.
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