Bangalore-based fashion apparel e-tailer Myntra 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 its future growth initiatives.
"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," said Mukesh Bansal, co-founder and CEO, Myntra.
He 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. Its portal currently receives over 50 million visits every month and showcases close to 50,000 products from over 600 brands.
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 looking to capitalise on this growth opportunity.
(Edited by Joby Puthuparampil Johnson)