Investments, News

With USD 20 Mn raised fund Myntra targets INR 500 Cr revenue within a year, one of the leading e-tailer of fashion and lifestyle products in India which has reportedly raised $ 20 million today from Tiger Global is aiming the revenue of Rs 500 crores in the financial year 2012- 2013. The company which entered the lifestyle and fashion retailing segment in December 2010 has registered a 10x growth in 2011 and it has been exclusively covered by iamwire in January this year.

Mukesh Bansal, Founder & CEO, said, “Myntra has undergone phenomenal growth in the last 12 months and has emerged as the clear leader in fashion and lifestyle space. We have been consistently doubling every 4 months and have now reached a scale where we ship up to 10,000 products every day. We are planning to cross revenue of Rs 500 crores in FY 12-13 which will further strengthen Myntra’s leadership position in the lifestyle category. This is an exciting category with the total market size projected to be over $100 billion in 5 years with mid single digit portion being online, making this, possibly the largest online category in India.”

 He further added that Myntra has built the largest catalog in fashion & lifestyle category with over 200 brands and it has extensive supply-chain capabilities including warehouse located in multiple cities with Myntra’s own logistics network in large cities.

Currently is among the Top 5 e-commerce companies with over 2, 00,000 daily visitors to the site. It already has reached out to 10,000 pin codes across the country and is constantly expanding its network to support the growing demand.

Throwing light on the areas where Myntra would be allocating funds aggressively, Bansal said “Myntra will continue to invest in technology platform, supply-chain and for branding for rapid scale of business.”

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