Myntra operates a fashion e‑commerce marketplace carrying over 420 global brands and a growing mix of private labels. The company has moved to focus on select in‑house labels rather than scaling a wide range of brands. It has struck partnerships to expand assortment, including exclusive sales of Turkish brand Trendyol and a market entry tie‑up with French brand Kiabi. Myntra reported operating revenue of Rs 4,375 crore for the year ended March 31, 2023, a 25% year‑over‑year increase, while net loss widened to Rs 782 crore. Bernstein research attributed a 55% share of fashion ecommerce MAUs to Myntra but noted that app users were transacting less; GMV grew 12% in FY23 versus 35% in FY22. The company also carried out a restructuring last July that included about 50 layoffs as it sharpened its product and brand strategy. Myntra operates a large Indian online fashion portal offering traditional and western clothing. The company has made two prior acquisitions (Exclusively.in in 2012 and Fitiquette last year) and is investing in growth as a standalone business. It is on track for gross merchandise value (GMV) of $100 million for the current fiscal year and reported extremely rapid growth (100% every six months as of April 2013). Myntra projects GMV of $1 billion by 2016–2017. The company has raised capital to support expansion and has attracted acquisition interest from larger players. Myntra is a lifestyle e-commerce site that sells fashion and related products online. The company has offices in Bangalore and New Delhi and was founded in 2007 by a group of IIT/IIM graduates. Myntra has made acquisitions including San Francisco-based virtual fitting room startup Fitiquette and Exclusively.in to expand its product and technology capabilities. Management said it plans to penetrate Tier II cities and aims to double sales to Rs 800 crore in FY14. The firm has been a heavily funded Indian e-tailer and used recent investment to expand technology and improve customer experience. Total institutional funding reached $65 million after the most recent injections from existing backers. Myntra Designs operates an online platform for designing and purchasing customizable consumer products—T-shirts, mugs, key chains—and serves both individual and institutional customers. The company was formed in 2006 and is based in Bangalore. Two-thirds of its revenue comes from institutional clients and it recently crossed annual revenue of Rs 4 crore; October was its best month, with revenues three times the recent monthly average. Myntra currently offers about 20 products to individual customers and roughly 50 to institutional clients, and has served around 100 companies and 30 colleges. The firm plans to use the funds for geographic expansion to top Indian cities (including Mumbai, Pune and Hyderabad), broaden its product portfolio, and grow its team from 50 to 150. Management intends a phased city rollout—entering a new city every 3–6 months initially and moving to quarterly expansions after several markets.

Total raised

$163M

Funding rounds

4

Latest round

Equity

Latest activity

Mar 2024