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Myntra, India’s leading e-commerce company, has raised $50 million (about Rs 300 crore) in a financing round led by Premji Invest along with new and existing investors. The proposed funding will be used to strengthen its technology, infrastructure and customer experience future growth initiatives, said a company statement.
Since its launch in 2007, Myntra has raised close to $75 million from investors, including Accel Partners and Tiger Global. The portal currently receives over 50 million visits every month and showcases close to 50,000 products from over 600 brands, company said.
Mukesh Bansal, Co-Founder and CEO, Myntra said, "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."
We are confident of achieving $1 billion GMV (Gross Merchandise Value) by 2016 and will be by far the largest fashion destination in India, he added.
India’s $3.1-billion e-commerce market (excluding online travel) is expected to grow by over seven times to $22 billion in five years, according to a CLSA report.
Another online major Jabong.com has also rasied about $100 million from investors such as Rocket Internet and UK-based CDC Group Plc.
