Myntra Growth Story
Myntra Shopping Platform –
Myntra’s growth story as an e-commerce brand has been remarkable. Here’s an overview of the key milestones and factors that contributed to Myntra’s growth.
Myntra is an Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India.
Who created the mantra-
Established by Mukesh bansal along with Ashutosh Lawania and Vineet Saxena, Myntra sold on-demand personalized gift items. It mainly operated on the B2B (business-to-business) model during its initial years.
Between 2007 and 2010, the site allowed customers to personalize products such as T-shirts, mugs, mouse pads, and others. Myntra is a one stop shop for all your fashion and lifestyle needs.
In 2011, Myntra began selling fashion and lifestyle products and moved away from personalisation. By 2012, Myntra offered products from 350 Indian and International brands. The website launched the brands Fastrack Watches and Being Human.
Brands-
Myntra understands its shoppers‘ needs and caters to them with choice of apparel, accessories, cosmetics and footwear from over 500 leading Indian and international brands.
Prominent brands include Adidas, Nike, Puma, Catwalk, Inc 5, United Colors of Benetton, FCUK, Timberland, Avirate, Fab India and Biba to name a few. You can also shop from some recently introduced labels such as – Roadster, Sher Singh, Dressberry, Kook N Keech and ETC.
Myntra’ Values-
In 2014, Myntra was acquired by Flipkart in a deal valued at ₹2,000 crore (US$250 million). The purchase was influenced by two large common shareholders Tiger Global and Accel Partners.
Myntra functions and operates independently. Myntra continues to operate as a standalone brand under Flipkart’s ownership, focusing primarily on “fashion-conscious” consumers.
In 2014, Myntra’s portfolio included about 1,50,000 products of over 1,000 brands, with a distribution area of around 9,000 pincodes in India. In 2015, Ananth Narayanan became the chief executive officer of Myntra.
Fashion Influencer Show-
Myntra launched its first digital reality-based show, “Myntra Fashion Superstar“, which is based on the fashion influencer talent hunt on the Myntra app, on 17 September 2019.
In association with Zoom Studios, this show will identify and reward India’s next big fashion influencer.The show has eight episodes, which will see 10 contenders competing with each other.
They would also be mentored and judged by a star-studded jury, from the world of Bollywood, TV and fashion, including Bollywood actor Sonakshi Sinha and stylist Shaleena Nathani.
Awards or Recognition –
- Awarded ‘Fashion eRetailer of the Year 2013’ by Franchise India – Indian eRetail Awards.
- Awarded ‘Best E-commerce Website for 2012′ by IAMAI – India Digital Awards.
- Awarded ‘Images Most Admired Retailer of the Year: Non–Store Retail’ for 2012 by Images Group.
- Awarded ‘Best E-commerce Partner of the year 2011-12’ by Puma India.
Myntra’s Funding-
In October 2007, Myntra received its initial funding from Erasmic Venture Fund (now known as Accel Partners), Sasha Mirchandani from Mumbai Angels and a few other investors.
In November 2008, Myntra raised almost $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. Myntra raised $14 million in a Series B round of funding.
This round of investment was led by Tiger Global, a private equity firm; the existing investors IDG Ventures and Indo-US Venture Partners also put in a substantial amount towards funding Myntra.
Towards the end of 2011, Myntra.com raised $20 million in its third round of funding, again led by Tiger Global.In February 2014, Myntra raised an additional $50 million (₹310 crore) in funding from Premji Invest and a few other private investors.
