Confirmed sources tell us that Bangalore based Myntra has raised $20mn, led by Tiger Global.
In the last round (Nov 2010), Myntra raised $14mn and in 2008, raised $5mn from NEA-IUV, IDG Ventures and Accel. Myntra started as a custom gifting service and later morphed into an online store fashion store selling lifestyle products.
The latest round of $20mn funding (Series C) will be used to build its logistics service (they have already started their own logistic service) and expansion into new categories.
More details as we get them, but if you are in the know – feel free to share here (even anonymously).
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Update: Press release from Myntra.
Myntra.com targets Rs 500 crores revenue for the next fiscal
Myntra.com, the largest online retailer of fashion and lifestyle products in India, is aiming revenues of Rs 500 crores in the financial year 2012- 2013. The company which entered the lifestyle and fashion retailing segment in December 2010 has registered a 10 fold growth in 2011 and is relatively, the fastest growing company in the e-commerce space in India.
Mr. Mukesh Bansal (Founder & CEO) said, “Myntra has undergone phenomenal growth in the last 12 months and has emerged as the clear leader in Fashion/Lifestyle space. We have been consistently doubling every 4 months and have now reached a scale where we ship up to 10,000 products every day. We are planning to cross revenue of Rs 500 crores in FY 12-13 which will further strengthen Myntra’s leadership position in the lifestyle category. This is an exciting category with the total market size projected to be over $100 billion in 5 years with mid single digit portion being online, making this, possibly the largest online category in India.”
He further added, “We have built the largest catalog in fashion & lifestyle category with over 200 brands, have very extensive supply-chain capabilities including world-class warehouse 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.”
The e-commerce company has received overall funding of $40 million through top-tier Venture Capitalists like Tiger Global, IndoUS, IDG & Accel Partners.
Myntra.com is among the Top 5 e-commerce companies with over 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.