Myntra launches Marketplace
Online fashion retailer, Myntra after making news for months has finally launched marketplace model on its platform. The company has launched these marketplaces in NCR, Bangalore, Mumbai and Surat, which will provide small, medium and boutique brands access to Myntra’s customers, with technology and logistics support.
Myntra has tied with over 100 local retailers and boutique in these regions and is earning 20% of its current revenues by the marketplace model. In next 12 months, it plans to increase this to 1,000 retailers across these cities.
Earlier this year, Myntra has raised $50 Mn funding round led by Premji Invest along with new and existing investors. The company expected to achieve $1 billion GMV (Gross Merchandise Value) by 2016.
Sherpalo & KPCB shifts focus away from India,Sherpalo Partner launches $90M India Fund
Lightbox Management Limited, advised by the Lightbox India Advisors Private Limited, has recently launched two funds, Lightbox Ventures I that has already acquired stakes in 6 startups, and Lightbox Ventures II, which will be a $90 Mn fund focused on early stage investments.
Lightbox Ventures II has had a first close of$ 25 Mn from a global institutional investor. It will have a concentrated investment portfolio of 8 companies in which it will invest $ 3 to 5 Mn in Series A funding with an investment horizon of 7-8 years.