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March - 2014 - issue > Venture Beat

Standalone Company Myntra raises '310 Crores from Premji Invest

SI Team
Tuesday, March 4, 2014
SI Team
Myntra raises around '310 crores from Premji Invest along with new and existing investors including Tiger Global, NEA-IUV, IDG Ventures and Accel Partners. The Indian fashion portal, has been growing steadily, increasing product offerings and attracting new users from different corners of the country. Including this round, Myntra has raised a total of '774.68 crores.
"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," says Mukesh Bansal, Co-Founder & CEO, Myntra.
Myntra was started by a group of IIT/IIM graduates in late 2007. Headquartered in Bangalore, the company has regional offices in New Delhi & Mumbai. Myntra.com is a pioneer in demand personalization platform for products, gifts and merchandise.
Talking about the merger with Flipkart, Bansal adds, "The recent talks about the merger of Myntra with Flipkart, is purely market speculation and there is no truth to this statement," as Myntra now has the funds to continue to invest in its business for the next stage of growth as a standalone company.
The company has an aim to become the largest fashion destination in the country (across both online and offline) and build a brand that differentiates from the rest fashion e-Commerce portals. The online shopping enterprise in an effort to materialize this vision is working towards developing a strong mobile and tablet infrastructure for m-Commerce. Currently, 20 percent of Myntra's business comes from transactions over the mobile phone. In the next two years, it expects at least 50 percent of the orders to be made over mobile phones.

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