Fashion and lifestyle e-retailer Myntra.com has raised $20Mn in its third round of funding led by Tiger Global, reports Pluggdin. The funds will be used to build its logistics service and expand into new categories. Iamwire tried to make contact with CEO’s of myntra over the phone for more details on the funding, however, we did not yield any response till the time of writing this post.
Myntra was founded in 2007 headquartered in Bangalore with regional offices in New Delhi, Mumbai and Chennai. The founding team includes – Mukesh Bansal, Ashutosh Lawania and Vineet Saxena. The company started off in the business of personalization of products, and soon expanded to set up regional offices in New Delhi, Mumbai and Chennai. Myntra is competing in fashion e-tailing with FreeCutlr , FashionAndYou, Yepme, Zovi , Yebhi.
Earlier, in an exclusive interaction with iamwire, Ashutosh Lawania, Co-founder and Head of Sales, Myntra.com said that Myntra grew 10x in 2011 in contrast of 2010 and it is expected to grow 5x in 2012.
Last year, Myntra raised $14 Mn in its second round of funding led by Tiger Global and existing investors IDG Ventures and IndoUS Venture Partners. In 2008, it had raised $5 Mn from IDG Ventures, NEA-IndoUS Ventures and Accel Partners. It had raised seed funding from Accel India Venture Fund (formerly Erasmic Venture Fund) and Mumbai Angels in 2007.
This is Tiger Global’s second investment in last two months. In January, Tiger Global along with Accel Partners invested $150Mn in Flipkart. In 2011, Tiger Global invested in online private sales site Exclusively.in.