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Myntra.com raises capital to promote brand
10
Feb '12
Myntra.com, India's largest online fashion store, has successfully raised US$ 20 million in its third round of funding, taking the total funding received by the company so far to US$ 39 million.

The funding will be utilized to further develop the supply chain, technology platform and to promote the brand, according to Mr. Mukesh Bansal, Founder and CEO of the company.

Myntra.com currently retails apparels and accessories from several brands and it plans to add lingerie in the next few months. Though the company would also offer other products through its portal, it will chiefly concentrate on the fashion and lifestyle segment.

Myntra.com currently achieves sales revenue of nearly Rs. 150 million a month and it expects to increase its turnover to about Rs. 5 billion in the next financial year.

Mr. Bansal said Myntra is witnessing a good growth, especially in the Tier II and III towns. To cater to the growing demand, the firm is planning to set up its third warehousing unit in Mumbai. Myntra.com already has two warehousing units in Delhi and Bangalore.

The company has ambitious plans to increase the number of orders from the present 5,000 per day to about 5 million per day, Mr. Bansal said.

Most of the brands currently retailed by Myntra are Indian brands, but the firm intends to add more global labels to its catalogue during the next few months.

Headquartered in Bangalore, Myntra.com is ranked among the top 10 e-commerce companies in India.

Fibre2fashion News Desk - India

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