Home / Knowledge / News / Apparel/Garments / Fashion etailer Myntra raises $50mn to fuel growth
Fashion etailer Myntra raises $50mn to fuel growth
06
Feb '14
Myntra, India’s leading e-commerce company confirmed that it has raised $50 Million (about Rs.300 crore) in a financing round led by Premji Invest along with new and existing investors. 
 
This funding will enable Myntra to strengthen its technology, infrastructure and customer experience; and fund future growth initiatives.
 
India’s $3.1 Billion e-commerce market (excluding online travel) is expected to grow by over seven times to $22 billion in five years, according to a CLSA report. Myntra is well-poised to capitalize on this growth opportunity with its compelling business model, product innovation, and dynamic leadership.
 
Mukesh Bansal, Co-Founder and CEO, Myntra said “The key to our success has been a robust business model and a customer centric approach that has resulted in Myntra.com emerging as the ultimate fashion destination for shoppers across India. 
 
We have been growing steadily, increasing our product offerings and attracting new users from different corners of the country. This round of funding will allow us to scale up, attract and retain superior talent, ramp up our technology infrastructure and strengthen the Myntra brand.
 
He further added, “We are confident of achieving $1 billion GMV (Gross Merchandise Value) by 2016 and will be by far the largest fashion destination in India.”
 
Since its launch in 2007, Myntra has raised close to $75 million from investors, including Accel Partners and Tiger Global. Having emerged as a leader in the online fashion space, the team is committed to building Myntra.com into an independent fashion destination with a truly differentiated fashion DNA. 
 
The portal currently receives over 50 million visits every month and showcases close to 50,000 products from over 600 brands.
 
About Myntra.com:
Myntra.com is among the leading e-commerce platforms in India for fashion and lifestyle products. Myntra.com has partnered with more than 600 leading fashion and lifestyle brands in the country such as Nike, Adidas, Puma, Lee, Levis, Arrow, HRX by Hrithik Roshan, Indian by Manish Arora, Biba, FabIndia, CAT, Steve Madden and the likes to offer a wide range in latest branded fashion and lifestyle wear.
 
 
 

Myntra

Must ReadView All

Courtesy: SIMA

Textiles | On 6th Dec 2016

Amma gave special attention for textile growth in TN: SIMA

Former Tamil Nadu chief minister J Jayalalithaa paid special...

Textiles | On 6th Dec 2016

Cash inflow will revive sales: Textile industry

The textile industry representatives are hopeful of revival of...

Courtesy: EFI Reggiani

Textiles | On 6th Dec 2016

EFI Reggiani shows inkjet textile solutions at India ITME

EFI Reggiani, a leading technology provider of a full range of...

Interviews View All

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
December 2016

December 2016

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


Advanced Search