Myntra has raised Series A funding of $5mn – led by NEA-IndoUS Ventures and IDG Ventures with Accel India Venture Fund II (AIVF II).
The Bangalore based startup raised seed fund from Accel India (earlier Erasmic) and Mumbai angels, around a year back and were much ahead of competition in forging partnership (they partnered with communities like ibibo,indyarocks) and lately with Bindaas, the entertainment channel.
The funding will be used for geographical and product portfolio expansion, and hiring of senior management positions.
This funding is surely a validation of online tee and gifting business and do expect some innovation in e-store formats.
Have you purchased t-shirts from Myntra? Any feedbaclkyou would like to share?
Update: Another tee company, eYantra received $3.1mn Series A venture capital funding from Ventureast and Argonaut.