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Myntra raises $50 million in terms of Funding

MyntraBANGALORE, INDIA: Myntra has raised up $50 Million (about Rs.300 crore) in a bankrolling round steered by Premji Invest in conjunction with fresh and standing investors. This funding from its barrio will go on to aid Myntra to be able to reinforce its expertise, substructure and customer involvement; and last yet not the least; fund future growth initiatives.

India’s $3.1 Billion e-commerce market (excluding online travel) is anticipated to grow in excess of seven times to $22 billion in a span of five years, in line with a CLSA report. Myntra from its quarter is well-poised to capitalize on this growth opportunity with its persuasive business prototype, product novelty, and go-ahead headship.

Mukesh Bansal, co-founder and CEO, Myntra believed that “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.”

Rhetoricising further that – “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. We are confident of achieving $1 billion GMV (Gross Merchandise Value) by 2016 and will be by far the largest fashion destination in India.”

Myntra.com

Ever since its launch in 2007, Myntra has raised close to $75 million from investors, counting Accel Partners and Tiger Global. Chipping in the corporate saga of emerging as a groundbreaker in the online fashion space, the team is unswerving as regards to building Myntra.com into an independent fashion destination buttressed with a truly distinguished fashion DNA. The portal at present gets above 50 million visits every single month and showcases near to 50,000 products from in excess of 600 brands.

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Jawed Akhtar

A Journalist by interest and a Music Enthusiast by passion. Wedded to Mother Nature, Jawed indulges his aesthetics in travelling and reading books of varied genres. Having covered News stories for top Dailies in his formative years, that is, he is game for tryst with Technology at Techmagnifier.

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