Online fashion and lifestyle retailer, Myntra after making headlines for past few weeks, firstly over the funding round that it was expected to close and latter when it was rumored to be in talks of a possible merger with Flipkart, has finally announced that it had raised $50 Mn funding round led by Premji Invest along with new and existing investors.
The new funding round will enable Myntra to strengthen its technology, infrastructure and customer experience; and fund future growth initiatives.
The company expected to achieve $1 billion GMV (Gross Merchandise Value) by 2016 and believes to be by far the largest fashion destination in India.
Mukesh Bansal, Co-Founder and CEO, Myntra said “The key to our success has been a robust business model and a customer centric approach that has resulted in Myntra.com emerging as the ultimate fashion destination for shoppers across India. 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.”
Since its launch in 2007, Myntra has raised over $75 Mn in funding from investors, including Accel Partners and Tiger Global.
As per the company it receives over 50 Mn visits every month and showcases close to 50,000 products from over 600 brands.
Recently, Jabong has also closed a $100 Mn funding round.