No Merg­ers, Myn­tra Opts To Raise Funds

Apparel - - Market Watch -

The much talked about merger deal be­tween Flip­kart and Myn­tra that was do­ing the rounds has fallen through with the lat­ter opt­ing out of it. Myn­tra has now de­cided to go for a fund-rais­ing deal with PremjiIn­vest. Led by Wipro boss Azim Premji, PremjiIn­vest will pump in about 50 mil­lion dol­lars (over R3,000 crores) in the leading Ben­galuru-based life­style and fash­ion re­tailer. Af­ter Myn­tra con­veyed their de­ci­sion to go with the fundrais­ing op­tion, PremjiIn­vest de­cided to fi­nalise the deal documents. Ex­ist­ing in­vestors, Tiger; Ac­cel; IDG Ven­ture and Kalaari Cap­i­tal will also be a part of the lat­est round of fund­ing but will see some stake di­lu­tion. For in­stance, Tiger Global and Ac­cel Part­ners’ com­bined stake of about 53 per­cent will now fall be­low 50 per­cent with the Premji con­sor­tium step­ping in.

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