E-commerce player Myntra has confirmed that it has raised $50 million in a fresh round of funding led by Azim Premji’s PremjiInvest and other investors.
Myntra will use the funding to improve its technology, infrastructure and for future growth initiatives, said the company. Mukesh Bansal, the company’s founder said
We are confident of achieving $1 billion GMV (Gross Merchandise Value) by 2016 and will be by far the largest fashion destination in India.
The Times of India reports that Myntra is in talks to raise another $50 mn. Larger rival Flipkart, which recently entered the fashion category wants to get to $1 bn in GMV by 2015.
The confirmation of the funding received comes after weeks of speculation on a Flipkart-Myntra merger. Since its launch in 2007, Myntra has raised about $75 mn from investors like Accel Partners and Tiger Global.
Fashion Gets Hot
Flipkart is pushing hard and wants to become the number one online retailer in the Fashion category. Jabong, which retails in fashion and apparel recently raised $27.5 mn to take on the category. The Rocket Internet backed company is in talks to raise more money. Myntra, now with this round, wants to scale up. Snapdeal backed by eBay already deals in the category and Amazon’s entry into the category only seems to be a matter of time. Seems like a long and drawn out battle for these companies in the offing.
We’re talking to Myntra for more details and will update this post as soon as we have them.