Bangalore: The leading Indian ecommerce apparel store Myntra.com is to be funded with $25 Million by Accel Partners and Tiger Global Management, to boost the online fashion store’s ability to grab more consumers in the internet savvy crowd. The news comes as a sigh of relief for the Indian ecommerce companies who were finding it a challenge to raise funds, in spite of a thriving market.

The investors from the US, Accel and Tiger are pumping good amount of capital recently, after buying initial stake with early stage financing. The investors have also pumped over $100 million into Flipkart earlier in 2011 topping up their seed investments in the country's largest online retailer, reports Times of India.

 “Myntra's co-founder Mukesh Bansal denied he had closed any fund raise and said the company was in no need of cash for next 10 to12 months. The online retailer's latest fund raise highlights the growing need for cash in an evolving industry with a heavy burn rate. Myntra has so far raised $38 million, excluding the latest round of funding,” says TOI.

The Bangalore based online fashion store had already raised $21 Million in November 2011 from investors including IndoUS Venture Partners, IDG Ventures India, Tiger Global and Accel Partners. Founded in 2007 by IIT alumni Mukesh Bansal Ashutosh Lawania, and Vineet Saxena, Myntra has been on a constant roll of success with a changed business model from being a portal offering personalized gifting options to a fashion and lifestyle retailer.