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.”