Myntra Secures $20M From Tiger Global, Others
Bangalore-based e-commerce firm Myntra.com has raised $20 million in a series C funding, led by Tiger Global.
The capital will be used to grow its logistics services (the company has already started its own logistics services) and expand into new categories.
Earlier, the firm raised $14 million in its second round of funding from Tiger Global and the then existing investors IDG Ventures and Indo-US Venture Partners.
In November 2008, Myntra raised $5 million in a series A funding from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. It had also received seed-funding from Accel Partners (formerly Erasmic Venture Fund), Sasha Mirchandani (from Mumbai Angels) and one other angel investor in October 2007.
Last year, Myntra repositioned itself as a lifestyle portal, following consumer demand for more items. Till then, the company had mostly focused on customisation â€“ offering gifts and merchandise such as T-shirts, mugs, greeting cards, calendars, key chains and diaries, which could be personalised with photographs.
Founded in 2007 by a group of IIT/IIM graduates, Myntra has offices in Bangalore and New Delhi. It currently employs 450 people and will continue to ramp up its Bangalore and Delhi centres. Myntra claims to have 1.1 million registered users and reaches out to 10,000 zip codes in India.
Myntra claims to get 2,00,000 daily visitors to the site. The company has already reached out to 10,000 zip codes across the country and is constantly expanding its network to support the growing demand.
Mukesh Bansal, co-founder and CEO of the company, said, "Myntra has undergone phenomenal growth in the past 12 months. We are planning to cross Rs 500 crore in revenues in FY12-13, which will further strengthen Myntra's leadership position in the lifestyle category.
We have extensive supply chain capabilities which include warehouses in multiple cities and our own logistics network in large cities. We will continue to invest aggressively in our technology platform, supply chain and the Myntra brand to rapidly scale the business," he added.