Myntra raises $ 50 million
Received funding will be used to scale up businessFebruary 06, 2014 | comments ( 0 ) |
The popular e-commerce retailer Myntra has raised $50 million (nearly Rs.300 crore) in a fresh round of financing led by Premji Invest along with existing and new investors. The funds raised would be used for enhancing technology, infrastructure and customer experience, as well as for future growth initiatives.
Since its launch in 2007, Myntra has raised nearly $75 million (about Rs 450 crore) from investors including Accel Partners and Tiger Global.
Mukesh Bansal, Co-Founder and CEO, Myntra, said, “This round of funding will allow us to scale up our operations.”
Bansal added, “We are confident of achieving $1 billion gross merchandise value by 2016, and would be the largest fashion destination in the country.”
- Luxury brand Shazé plans to launch up to 10 new stores in 2019
- Patanjali eyes opening 100 Paridhan stores in the next one year
- Puma hires boxing champion Mary Kom as brand ambassador
- Epic Group to make $20 million investment in India
- Simon Carter to launch 3 new Indian franchise stores
- Titan Eyeplus open 3 new stores in Coimbatore
- V-Mart eyes tier 3 & 4 cities for expansion
- 7-Eleven eyes entering India with Future Group
- Bharti Airtel opens its 100th Next-Gen store
- WoodenStreet plans to launch 15 stores by 2019-end