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The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

April - 2011 - issue > Venture Beat

Myntra.com raises Rs62 Crore in Series B Funding

ST Team
Monday, April 4, 2011
ST Team
E-commerce firm Myntra.com raised Rs 62.3 crore in its second round of funding led by Tiger Global. Its existing investors IDG Ventures and IndoUS Venture Partners also participated in this round of funding. This round brought the total funding raised by Myntra to Rs 84.6 crore. The funding will be used to invest in technology, logistics, supply chain and marketing.

Following consumer demand for more items, Myntra is in the process of repositioning itself as a lifestyle portal. “Customers have been asking for new things to purchase. Personalization is a niche market and we decided we need to go mainstream,” says Mukesh Bansal, Co-founder & CEO, Myntra. “We have been growing very fast.Last financial year, we grew 200 percent and this year we are targeting a 3x growth. In the next three years, we want to be a $100 million company,” he added.

It will continue to offer personalization to users, but the priority will be on lifestyle and casual fashion brands such as Lee, Nike and Reebok. The cricket world cup season proved to be a blessing to Myntra, with over 50 percent of the average 1,000 transactions it is registering per day being sportswear. Founded in 2007 by IITians - Mukesh Bansal, Ashutosh Lawania and Vineet Saxena, Myntra claims to have 500,000 registered users and a reach of 9,000 cities and towns in India. It also ships to 40 countries globally.
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