Indian fashion and lifestyle portal Myntra has confirmed raising US$50 million (approximately INR 300 crore) in a financing round led by Premji Invest. The investment will be used to strengthen Myntra’s technology, infrastructure and customer experience, and fund future growth initiatives.
Since its launch in 2007, Myntra has raised close to US$75 million (approximately INR 450 crore) from investors, including Accel Partners, IDG Ventures and Tiger Global.
“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,” shared Mukesh Bansal, Co-founder and CEO, Myntra. “We are confident of achieving US$1 billion GMV (Gross Merchandise Value) by 2016 and will be by far the largest fashion destination in India.”
Indian e-commerce space, excluding travel, is currently valued at US$3.1 billion and is expected to grow by over seven times to US$22 billion in five years, according to a CLSA report. Currently, Myntra claims to receive over 50 million visits every month and house over 600 brands.
Myntra has been in headlines ever since the merger proposal by Flipkart, which was one of the options of raising funds. According to a report by The Economic Times, Myntra is now in conversation with investors for raising an additional US$40 million (INR 250 crore) following the closure of an initial round led by Premji Invest.
Myntra was established in 2007 by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena and offered personalised gift products back then. It received a seed fund from Mumbai Angels within its first six months. Soon the company received its second round of funding of approximately US$1.6 million (INR 100 million). It adapted the B2C model in 2010.