Myntra integrates marketplace to its existing platform, ropes in 100 sellers
Online fashion apparel and accessories retailer Myntra.com, owned and operated by Bangalore-based Myntra Designs Pvt Ltd, has integrated a marketplace to its platform, even as it is close to a possible merger with India's largest e-commerce player Flipkart.com.
The marketplace is currently operational in four cities including Delhi-NCR, Bangalore, Mumbai and Surat, and will be expanded to other cities soon. To start with, the firm has partnered with close to 100 sellers from these four cities, and is looking to get on board over 1,000 retailers over the next 10-12 months.
"Myntra.com has been exponentially increasing its reach and scale, and the launch of our marketplace is imperative to our next phase of growth. Our partners can leverage Myntra's well-established, trusted and state of the art infrastructure and logistics network to penetrate into our vast user base spread across the country," said Ashutosh Lawania, co-founder of Myntra.
Myntra, which launched the marketplace around one month ago, aims to provide products from boutiques and localized brands spread across the country to its customers. The firm also aims to establish an ecosystem for local retailers, boutiques and regional brands based across key shopping hubs with expertise in intricate skills and precise handwork designs adding local flavour to the shopping experience.
The company will manage the shipping and doorstep delivery through its logistics network, as well as provide existing features such as cash on delivery, product exchanges.
"Currently, about 20 per cent of revenue is driven by this model and we expect the figure to grow to about 40 per cent by the end of this year. With this model, we want to create the country's largest ethnic wear platform by the end of this year," said Lawania.
The firm has actually moved some of the existing vendors from whom it was sourcing products to sell through its inventory based model, to its marketplace. This has allowed to quickly generate a fifth of its gross merchandise value (GMV) from independent sellers.
Last month, Techcircle.in first reported that Myntra, which recently raised $50 million through fresh funding, is still on track for a possible merger with Flipkart, which could be the biggest consolidation move in the India e-commerce sector. While Myntra chief Mukesh Bansal has been opposed to the idea of a merger, it is said to be championed by common investors Tiger Global and Accel Partners, sources said. Flipkart had also launched a marketplace model early last year.