Online fashion and lifestyle etailor Myntra has raised additional $25 million between Q3- Q4 of 2012 from its existing investors Tiger global and Accel partners as confirmed by the company. The funds are being utilized primarily for improving technology and enhancing customer experience.
So if we recall the Myntra’s acquisition of SherSingh in Nov 2012, who was also backed by Tiger Global and Accel, we believe that this was the deal that made it happen through a joint merger.
Myntra.com, launched in 2007, has raised around $65 million through venture capital route for expansion purposes till date, the disclosure first came in Hindu business line, which was rightly noticed by Medianama. The previous funding include $20 million in Series C (Feb 2012), $14 million in Series B (2011), $5 million in Series A (2008), and an initial seed round by Accel Partners.
Myntra seems to be moving ahead with aggressive plans of expansion as the company is targeting to double the turnover from INR 400 crore in 2012-13 to INR 800 crore in 2013-14, as stated by Myntra co founder Ashutosh Lawania to Business line.
“We will be investing about 8-10 per cent of our sales in our brand promotion to develop our market. Moreover, our focus will also be on tier-II cities to deepen our presence in the online space,” Ashutosh said.
Myntra still complies with the inventory model marketplace, and have shown a strong foothold in the ecommerce space among some of the major brands such as Flipkart, Jabong, Yebhi, etc. Myntra launched product exchange policy to enhance delivery experiences along with the acquisitions of Fitiquette to enhance its product, offerings and reach. The above funding round helped myntra to ease in these acquisitions and to build a stronger positioning in the market.
Other VCs backing Myntra includes IndoUS Ventures, IDG Ventures along with Tiger Global and Accel Partners.