Myntra secured $25M more from existing investors last year, total funding at $65M
Bangalore-based Myntra Designs Pvt Ltd, which runs the lifestyle e-commerce site Myntra.com, had last year secured additional $25 million from existing investors, including Tiger Global and Accel Partners. This funding round, which was not formally announced, followed a $20 million Series C funding round in early 2012 led by Tiger Global, a company spokesperson confirmed to Techcircle.in.
This takes the total institutional funding at Myntra to $65 million. The total funding quantum was first reported by PTI based on an interaction with Myntra co-founder Ashutosh Lawania who said the company is looking to double sales to Rs 800 crore in FY14.
The firm is also looking to penetrate to Tier II cities during this period.
"This investment happened between the third and fourth quarters of 2012. It was used for expanding the technology to provide a good customer experience," Myntra's spokesperson told VCCircle.
Myntra is one of the heavily funded e-commerce companies in India. Besides $45 million in two tranches last year, it had raised around $14 million from Tiger Global, IDG Ventures and Indo-US Venture Partners (now Kalaari Capital) in March 2011. It had also raised $5 million in Series A funding from NEA-IndoUS Ventures, IDG Ventures and Accel Partners in November 2008.
Founded in 2007 by a group of IIT/IIM graduates, Myntra has offices in Bangalore and New Delhi. In April this year, it acquired San Francisco-based virtual fitting room startup Fitiquette for an undisclosed amount. It was Myntra's second acquisition after its acquisition of Exclusively.in Inc., the company behind the private label brand Shersingh.com and the fashion site Exclusively.in, for an undisclosed amount. It is one of the top lifestyle e-tailers in the country along with Jabong.com.
As VC firms tighten their purse strings to e-com sector, many larger e-tailers have gone back to their existing investors to raise additional cash. Most recently, Big Shoe Bazaar India Pvt Ltd, which runs fashion and lifestyle e-tail venture Yebhi.com, raised $12 million (Rs 65 crore) from its existing investors in a bridge round. Its investors include Fidelity Growth Partners India, Qualcomm Ventures, Nexus Venture Partners and Catamaran.