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Myntra heads for second round funding of $14 Million from Tiger Global
By siliconindia
Bangalore: Myntra.com, an e-commerce company is heading for a second round of funding from Tiger Global, a New York based Investment firm. It will raise about $14 million through funding which will be invested in areas such as technology, logistics, supply chain and marketing. The fund will help in investments for the next 2 years. Existing investors of the company IDG Ventures and Indo-US Venture Partners will also participate in the second round of funding.
Mukesh Bansal, Co-founder & CEO of Myntra said that Myntra has grown very fast to about 200 percent since the last financial year and this year they are targeting a threefold growth. They also aim to become a $100 million company in the next 3 years.
Right now Myntra is repositioning itself as a lifestyle portal by introducing more items for its consumers. Myntra has been focused on personalisation, offering gifts and merchandise such as T-shirts, mugs, greeting cards, calendars, key-chains and diaries, which can be personalised with photos. Since Personalization is a niche market, Myntra plans to continually focus on it and it plans to go big this time by introducing newer products to purchase for its customers.
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 season has generated successful business for Myntra, with over 50 percent of the average 1,000 transactions it is registering per day being sportswear.
Over the past 6 months Myntra has found a new way to attract its customers. Its introduction into the social networks arena has boosted its sales tremendously. Social networks, primarily Facebook, are also helping Myntra attract more visitors. It has about 4.7 lakh fans and according to Bansal 5 percent of the company's revenues are generated from social networking sites.
Myntra, a company founded by a bunch of IIT/IIM graduates in 2007 has about 500,000 registered users and a reach of 9,000 cities and towns in India. In November 2008, Myntra raised $5 million its first funding from NEA-IndoUS Ventures, IDG Ventures and Accel Partners.
The company employs about 200 people and has plans to employ more for its Bangalore branch. It has branches in New Delhi, Mumbai and Chennai and also caters to about 40 countries globally through shipment of its products.
