Indian business tycoon and philanthropist, Azim Premji is soon going to lead a USD 50 Mn round in fashion and lifestyle eTailer Myntra.com through his investment firm Premji Invest, according to reports.
Premji Invest has a corpus of more than USD 1 Bn for private equity investments, and is likely to be a co-investor in this round and as cited in reports, British investor CDC will also be participating in the round. “There are a bunch of other investors putting in money as well,” said a source. Existing investors Accel Partners and Tiger Global will also be participating in the funding round.
This funding round will value Myntra at USD 250 Mn (INR 1,500 Cr), said a source cited earlier in the report.
Mukesh Bansal, founder, Myntra.com, while talking to TOI said that the company is in talks with various investors. “At an appropriate time, we may raise money with the right set of investors,” he added.
We have written to Mukesh for the same, however his response is awaited.
US investment bank Pacific Crest is advising Myntra on the transaction.
Myntra was founded in 2007 by IITians Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena. The firm has raised about USD 64 Mn in funding so far which include USD 25 Mn of funding from Tiger Global and Accel Partner, USD 20 Mn in Series C (Feb 2012), USD 14 Mn in Series B (2011), USD 5 Mn in Series A (2008), and an initial seed round by Accel Partners.
Myntra has three acquisitions under it which include New York based Exclusively.in and its private label brand, Sher Singh.com which it acquired in last November and also virtual fitting room technology, Fitiquette.
For this year, Myntra plans to reach a turnover of over INR 800 Cr.
Azim Premji is the chairman of Wipro Limited, According to Forbes, he is currently the fourth wealthiest Indian, and the 91st richest in the world, with a personal wealth of USD 17.2 Bn in 2013.
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