No Mergers, Myntra Opts To Raise Funds
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.