What is Myntra.com? Myntra.com Review

Basic Introduction

Myntra launched this open platform mainly to increase its own profits, and hopes to penetrate the influence of e-commerce to all parts of India through the small merchants settled in. Since its establishment in 2007, Myntra has received a total of US$75 million in financing. Myntra just received US$50 million in financing some time ago, and it has stated that it will use this money to build an open platform and deploy mobile terminals. Myntra's open platform model is very similar to Amazon, which also does not have its own product storage, but only connects merchants with customers by allowing merchants to settle in.

Platform situation

From 2007 to December 2010, the company mainly sold personalized products online. Its products include: T-shirts, mugs, greeting cards, calendars, key chains, diaries, etc. In 2010, the company's product categories covered retail fashion and lifestyle products.

By 2012, Myntra offered products from 350 Indian and international brands. The site launched the brand Fastrack watches.

In 2014, Myntra's product portfolio included about 150,000 products from more than 1,000 brands.

In May 2015, Myntra began shifting to an app-based business model, wherein customers can shop on the website only through their smartphones.

In February 2016, the company retracted its app model in an attempt to win back lost customers.

In 2018, Myntra acquired Pretr, a comprehensive retail platform based in Mumbai, India, to promote its brand acceleration project. Myntra Jabong said that the company hopes to reduce its dependence on other brands, so it hopes to actively promote its brand acceleration project by innovating its own brands. The acquisition of Pretr will help Myntra establish new omni-channels with brands on its platform and establish partnerships, providing retailers with comprehensive solutions and further enhancing Myntra's omni-channel journey.

Financing

In October 2007, Myntra received venture capital funding from Accel Partners (formerly Erasmic Venture Capital Fund), Bombay Angels and another angel investor Sasha Chadani.

In November 2008, the company raised $5 million in venture capital funding from NEA-IndoUS Ventures, IDG Ventures and Accel Partners.

The company raised $14 million in second round venture capital funding from Tiger Global, IDG Venture Capital and Indo-American Venture Capital.

At the end of 2011, Myntra.com raised $20 million in third round of venture capital funding from Tiger Global.

In February 2014, the company raised $50 million in venture capital funding from Premji Ventures and other private investors.

In March 2018, Myntra announced the completion of a $176 million private equity round from Singapore-based FK Myntra Holding Private Limited.

Acquisition and Development

In July 2011, Myntra launched its first television advertising brand campaign.

In 2013, Myntra acquired Fitiquette, a San Francisco-based developer of virtual fitting room technology.

In November 2013, Bollywood star Hrithik Roshan launched his lifestyle apparel and casual wear brand HRX exclusively on online shopping portal Myntra.com.

On May 22, 2014, Flipkart acquired Myntra for USD 300 million.

In April 2015, Myntra acquired Native5, a Bengaluru-based mobile application development platform company, to strengthen and expand Myntra's mobile technology team.

In July 2016, Myntra acquired mobile-based content aggregation platform Cubeit to strengthen and expand its technology team.

In July 2016, Myntra acquired its competitor Jabong.com to become the largest fashion platform in India.

In 2018, Myntra acquired Pretr, a comprehensive retail platform based in Mumbai, India.

References

• 1. Fashion e-commerce Myntra completed a new round of financing of US$176 million: Zhudao [cited date 2018-03-18T16:00:00.000Z]
• 2. Flipkart's e-commerce company Myntra acquires Pretr: ChinaVenture [cited on 2018-08-21T16:00:00.000Z]