"It was very essential to keep Myntra a separate entity and preserve its culture. I'm here for the long haul and we will continue to grow in the market," Mukesh Bansal said.

India's e-commerce market has seen huge growth in the past few years as more people log on to the Internet to shop. While apparel and electronics are bestsellers for most e-commerce firms, categories such as home decor and household items are also popular.

The industry, estimated to be worth about $3 billion currently, has firms such as Snapdeal, eBay and Amazon which follow the marketplace model.

Led by increasing Internet penetration and youngsters shopping online, Flipkart's annualised sales crossed $1 billion (over 6,100 crore) a year ahead of target. It had estimated to reach the billion dollar mark for gross merchandise value by 2015.

Flipkart, which also operates under the marketplace model allowing retailers to offer products on its platform, has since its inception raised over $500 million from investors.

The Bangalore-based firm, founded by Sachin Bansal and Binny Bansal, counts Naspers, Tiger Global, Accel Partners, Dragoneer, Morgan Stanley, Sofina and Vulcan Capital among its investors.

Last year, Flipkart raised $360 million from private equity firms, one of the largest funding deals in the Indian e-commerce space.

Myntra sells products from over 650 brands like Nike, HRX by Hrithik Roshan, Biba and Steve Madden and clocked revenue of about Rs 1,000 crore in the previous financial year.

It aims to double its revenue in this financial year as it expands its seller base and adds products.

Myntra has about 100 sellers on board and plans to increase this number to 1,000 by fiscal end.

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