Myntra

Myntra

Myntra.com logo.
Web address www.myntra.com
Commercial? Yes
Type of site
 E-commerce
(Online shopping)
Registration Not required( you can order as a guest as well )
Available in English
Owner Flipkart
Launched 2007
Alexa rank
 positive decrease 436 (March 2015)[1]
Current status Online

Myntra.com is an Indian e-commerce company of fashion and casual lifestyle products, headquartered in Bangalore, Karnataka. The company was founded in 2007 by IITians Mukesh Bansal, Ashutosh Lawania and Vineet Saxena with a focus on personalisation of gift items. By 2010, Myntra shifted its focus to the online retailing of branded apparel.[2][3][4][5]

In May 2014, Myntra.com merged with Flipkart to compete against Amazon which entered the Indian market in June 2013.[6][7][8]

History

Established in 2007 by Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena, Myntra was in the business of on-demand personalisation of gift items. It mainly operated on the B2B (business to business) model during its initial years. Between 2007 and 2010, the online portal allowed customers to personalize products such as T-shirts, mugs, mouse pads, calendars, watches, teddy bears, pendants, wine glasses and jigsaw puzzles. Myntra provided home delivery within 3 days time.

Within the initial 3 years, Myntra became India’s largest personalisation platform with more than 50% of the market share.

In 2011, Myntra expanded its catalogue to include fashion and lifestyle products and moved away from personalisation. Myntra tied up with various popular brands to retail a wide range of latest merchandise from these brands. Myntra offered products from 350 Indian and International brands by 2012. Myntra also had casual wear for men and women from brands. The website saw the launch of Fastrack watches and of Being Human, the brand.[9]

Myntra currently has more than 1000 brands with over 1,50,000 products that are delivered to around 9000 pincodes in India through its vast and efficient delivery network.[10]

Acquisitions and investments

In October 2007, Myntra received its initial funding from Erasmic Venture Fund now known as Accel Partners, Sasha Mirchandani from Mumbai Angels and a few other investors. In November 2008, Myntra raised almost $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. Myntra raised $14 million in a Series B round of funding. This round of investment was led by Tiger Global, a private equity firm; the existing investors IDG Ventures and Indo-US Venture Partners also put in substantial amount towards funding Myntra. Towards the end of 2011, Myntra.com raised $20 million in its third round of funding, again led by Tiger Global.[11] [12]

In February 2014, Myntra raised additional $50 Million (Rs.310 crore) funding from Premji Invest and few other Private Investors.[13]

2014 also saw the merging of Myntra with another e-commerce giant Flipkart. Myntra continues to function and operate independently to increase its market share from 50 to 70 per cent of the market share.[14]

Recognitions

References

  1. ↑ "Myntra.com Site Info". Alexa Internet. Retrieved 2015-03-31.
  2. ↑ Saloni Surti, May 22nd, 2014 (2014-05-22). "Flipkart-Myntra: Consolidation the only way to survive the Indian e-commerce industry?". indianmediabook.com.
  3. ↑ Amit Bapna, ET Bureau Jul 11, 2011, 07.13pm IST (2011-07-11). "Overall Lifestyle category will cross $100 billion in 2015 in India: Mukesh Bansal Founder-CEO, Myntra.com - Economic Times". Articles.economictimes.indiatimes.com. Retrieved 2012-06-17.
  4. ↑ "Business / Companies : Myntra.com to expand operations". The Hindu. 2011-09-07. Retrieved 2012-06-17.
  5. ↑ Anupam Saxena (2011-03-14). "Updated: Myntra Gets $14M In Second Round Funding". MediaNama. Retrieved 2012-06-17.
  6. ↑ ET Bureau, May 23rd, 2014,02.15AM IST (2014-05-23). "Flipkart acquires Myntra, gears up to take on Amazon". economictimes.indiatimes.com.
  7. ↑ Flipkart Acquires Myntra in Indias Biggest E-Commerce Deal - NDTVProfit.com. Profit.ndtv.com. Retrieved on 2014-05-23.
  8. ↑ "Flipkart acquires E-Tailer Myntra.Com in an around $300 Mn Deal". IANS. news.biharprabha.com. Retrieved 22 May 2014.
  9. ↑ Hari Bhushan. "History of Myntra". scribd.com.
  10. ↑ "Myntra Brand Portfolio".
  11. ↑ sushma.un (2012-09-02). "Fashion retailer Myntra.com raises $20 m in third round of funding". thehindubusinessline.com.
  12. ↑ Irfan Khan (2012-09-02). "Myntra.com Raises $20Mn In Third Round Of Funding". Private Equity.
  13. ↑ IANS, 06:17 PM IST. "E-tailer Myntra.com raises 310 Crores from Ajim Premji and other Investors". news.biharprabha.com.
  14. ↑ CNBC-TV18, Aug 22, 2014, 10.06 PM IST. "Myntra enters new spaces post merger with Flipkart". moneycontrol.com.
  15. ↑ "Myntra Brands".

External links