Founded by Mukesh Bansal in February 2007, Myntra.com, one of most happening fashion and e-commerce website has raised $20million in its third round of funding piloted by Tiger Global.
The online shopping portal which showcases a large number of lifestyle and fashion apparel will use the raised capital to grow its own logistics services and expand into new categories. In its second round of funding the company raised $14 mn from Tiger Global, IDG Ventures an Indo-US Venture Partners. The personalised portal of products is also expanding aggressively into complete fashion lifestyle retailing, across all ages and groups.
The online e-commerce portal mainly targets to the young lot from the age group of 20-35 both male and female. Myntra largely sell lifestlye and fashion wear which includes sports wear, casual wear, ethnic and accessories. The company has been constantly expanding their network and has reached 10,000 (serviceable areas) zip codes across the country. With 2 million registered users, Myntra.com has been constantly building its warehouse capacity and its logistics network.
Ashutosh Lawania and Vineet Saxena fellow IITian of Mukesh Bansal started the company in Bangalore when they realised personalization was a concept that is growing worldwide and has applicability for large range of consumer product categories. However, in 2010, Myntra.com repositioned itself by setting offices in Bangalore and Delhi.E-commerce is the hottest and fastest growing sector in the country right now. Most of the successful non-travel e-commerce portals are seeing double digit growth (in %) every 5 to 6 months.With advent of Amazon.com, e-commerce economy is definitely going catapult in upcoming years.
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