Myntra, the India-based e-commerce company recently acquired by Flipkart, is set to launch a fashion incubator in partnership with its new parent company, Times of India has reported.
Up to 20 startups ae set to pass through the incubator in July, with between three and five brands to be selected by Myntra each year for sale both online and offline. Myntra will also seek to invest up to $1m in the better performing startups in return for an equity stake.
Mukesh Bansal, chief executive of Myntra and senior vice president of Flipkart Fashion, said: “The idea is to create sizeable indigenous fashion brands by mentoring young entrepreneurs who do not have access to capital, supply chain and distribution platforms.”
Flipkart is the largest e-commerce company in India by market share and is backed by South Africa-based e-commerce company Naspers among other investors. It acquired Myntra in May for about $330m.
Myntra, which is backed by IT media company IDG, had raised upwards of $158m before ts acquisition and claims to have 50 million unique visitors to its website each month.