Myntra Snaps Up $50M Funding From Premji Invest

(Before It's News)

Myntra has secured funding worth $50 million from Premji Invest and other investors. The fashion and lifestyle portal plans to use the investment raised to strengthen its technology, infrastructure and customer experience, for future growth initiatives and hiring.

This round of fresh investment comes after Flipkart had approached Myntra for a merger. Premji Invest has invested $20 million in the current round of funding while, Belgium-based investment firm Sofina along with existing investors has added the rest. “We are confident of achieving $1 billion GMV (Gross Merchandise Value) by 2016 and will be by far the largest fashion destination in India,” said Mukesh Bansal, co-founder and CEO of Myntra.

A separate Economic Time report stated that the Bangalore based fashion portal is in talks to raise another $40 million. Since its launch in 2007, Myntra has raised about $75 mn from investors like Accel Partners and Tiger Global.  Bansal also told TOI that the online retailer has grown over 50% in the last 4-5 months and is looking to clock Rs 2,000 crore in sales by January 2015 from the current Rs 1,000 crore.

“We have been growing steadily, increasing our product offerings and attracting new users from different corners of the country. This round of funding will allow us to scale up, attract and retain superior talent, ramp up our technology infrastructure and strengthen the Myntra brand,” Bansal further added in a statement.

The Indian e-commerce market which soared by 88% in 2013 has some big players like Flipkart, Amazon and Snapdeal. Flipkart raised $360 million last year at a valuation of $1.6 million. The company is aiming to achieve $1 billion in gross merchandise value by next year. Myntra is starting to face tough competition from Flipkart which recently forayed in to fashion has even launched its own lifestyle fashion brand Flippd. Another fashion portal Jabong recently raised $27.5 million from UK’s development finance institution CDC Group.

Source: VCCircle

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