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Myntra.com receives $5 Million in series A funding
By siliconindia
Bangalore: Mukesh Bansal founded Myntra.com, a provider of platform for personalized products and gifts received an investment of $5 million. The Series A round led was led by NEA-IndoUS Ventures and IDG Ventures with Accel India Venture Fund II (AIVF II) participating. Accel stays invested continuing the prior association with Myntra through Accel India Venture Fund I (AIVF I). As part of the investment Vani Kola from NEA-IUV and Sudhir Sethi from IDG Ventures will join the company's board of directors. Gagan Kumar from Accel India continues to remain a member of the Board.
The Series A funding follows the seed funding last year led by AIVF I with participation from Mumbai Angels. The funding is huge validation for the strong business model of Myntra.com which claims to develop India's largest community of creative designers who collectively have published over 20,000 designs in just 12 months. The Bangalore headquartered company has an integrated platform that allows third party websites to offer customization at their portals. The website also acts as a marketplace for all creative people who can simply upload their designs on the website and earn a 10 percent royalty every time their design sells.
Commenting on the funding Mukesh Bansal, CEO of Myntra.com said, "Myntra.com has found growing acceptance among consumers, campuses and companies looking for creative products, gifts and merchandize. We have enabled creative designers to find a hitherto non existing market. Our combined value proposition is thus both attractive and sustainable which is why we continue to attract investor interest. The investment received will be used to increase our geographical reach, further expansion of our product portfolio and hiring of a few high quality talent to select senior management positions."
At Myntra.com, users can create their own merchandise using their photographs, designs, text captions, or just by choosing from Myntra's large database of designs.
Sudhir Sethi, Founder, Chairman and Managing Director of IDG Ventures said "We found Myntra.com to be significantly ahead of the competition and having a strong and committed founding team, which makes them very well positioned to target accelerated growth in this space."
In her remarks, Vani Kola, Managing Director for Indo-US Ventures, said, "The initial momentum of Myntra.com clearly points to the latent, untapped potential in the on-demand personalization space. In these 18 months, Myntra.com has demonstrated excellent execution skills which convinced us to invest." added.
