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

Textiles | On 26th Sep 2016

Aleph unveils new LaForte wide format inkjet printers

Aleph, developer of a complete range of innovative digital printing...

Textiles | On 26th Sep 2016

Hank yarn delivery lead times to handloom sector high: Study

A study has concluded that hank yarn delivered by the National...

Textiles | On 26th Sep 2016

GOTS to organise first national seminar in Bangladesh

The Global Organic Textile Standard (GOTS), the Germany based not for ...

Interviews View All

Anvita Mehra
Confidential Couture

Frank Gossmann
Rotorcraft AG

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Ritu Kumar
Label Ritu Kumar

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

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer Prathyusha Garimella is known for blending...

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
September 2016

September 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search