Myntra: The Brand Which Revolutionized the Online Fashion Industry

Thanks to the development of eCommerce and online shopping trends, it is now possible to conveniently browse through leading worldwide fashion brands and have our favorite things delivered right to our doorstep in the modern digital age.

One of the most well-known names is Myntra. Myntra, which was established in 2007 by Vineet Saxena, Ashutosh Lawania, and Mukesh Bansal, is now the biggest online fashion store in the country. Myntra is dedicated to giving customers an easy and enjoyable shopping experience. With a wide range of brands and products, it's simple for anyone to get their hands on the newest and most stylish things.

Let's dive into the article to learn all about Myntra, its Startup Story and History, Business and Revenue Model, Funding and Investors, Founders and Team, Challenges, Competitors, Future Plans, and more.

Myntra - Company Highlights

About Myntra
Myntra - Industry
Myntra - Founders and Team
Myntra - Startup Story
Myntra - Mission and Vision
Myntra - Name and Logo
Myntra - Business Model
Myntra - Revenue Model
Myntra - Challenges Faced
Myntra - Funding and Investors
Myntra - Investments
Myntra - Mergers and Acquisitions
Myntra - Growth and Revenue
Myntra - Partnerships
Myntra - Innovations and Initiatives
Myntra - Advertisements and Social Media Campaigns
Myntra - Awards and Recognitions
Myntra - Competitors
Myntra - Future Plans

About Myntra

Myntra is one of the largest fashion eCommerce stores in India that deals with a wide range of fashion and lifestyle products for men, women, and kids. It sells high-quality clothes, branded footwear, bags and backpacks, beauty and personal care products, home and living accessories, and more.

The parent organization of Myntra is Flipkart, which is one of the largest eCommerce companies in India. Flipkart has been the parent company of Myntra since 2014 when the eCommerce giant acquired Myntra for an estimated amount close to Rs 2,000 crore. The deal included both cash and stock.

Myntra has a wide range of fashion products from brands all across the world and appeals to young and old Indians, with a special focus on Gen Y, or the millennials, and Gen Z. All of these Myntra can be aptly summed up as a one-stop-shop for fashion in India.

Myntra - Industry

As per a report by Mordor Intelligence, the Indian eCommerce market is anticipated to witness substantial expansion, with a valuation of USD 92.95 billion by 2023. The market is expected to grow rapidly, with a projected value of USD 246.10 billion by 2028, according to the analysis.

This represents a remarkable Compound Annual Growth Rate (CAGR) of 21.50% from 2023 to 2028. This significant development trajectory highlights how eCommerce is becoming more and more prevalent in the Indian industry, fueled by changes in customer tastes, digitization, and technology breakthroughs.

Myntra - Founders and Team

Mukesh Bansal, Ashutosh Lawania, Vineet Saxena, Sankar Bora, and Raveen Sastry are the founders of Myntra.

Mukesh Bansal

Mukesh Bansal, the co-founder of Myntra, was born and raised in Haridwar, Uttarakhand. He is a Computer Science graduate from IIT Kanpur, after which he served a wide range of companies, including Deloitte, Nextag, Ewanted.com, Centrata, and NewScale, as an Analyst, an Engineer, and in the Product Management department.

Bansal then founded Myntra in 2007, which was eventually acquired by Flipkart when he left. Bansal then founded Curefit in April 2016 and is currently serving as the co-founder of Cult.fit (previous name Cure.fit).

Ashutosh Lawania

Ashutosh Lawania is an angel investor and the co-founder of Myntra. Ashutosh graduated from IIT Kanpur, after which he served Various Startups as a Software Engineer. Lawania co-founded Myntra, which he left in 2017. Lawania's brilliant entrepreneurial mind is also behind a couple of other companies - Bytedge Solutions and MFine, and he is currently serving as the co-founder of MFine.

Vineet Saxena

Vineet Saxena, who is also an IIT Kanpur alumnus, is another co-founder of Myntra. Saxena started with Tech Mahindra in British Telecom as a Software Engineer. Saxena then joined Pramati Technologies as a Product Engineer and left it after 2 years, when he joined Tavant Technologies as an Associate Architect.

After gaining over 4 years of experience in the last company, Saxena decided to co-found Bytedge Solutions. Myntra was the second company that Saxena co-founded; he eventually left the company in 2011. However, soon after, he co-founded IndusDiva, where he also served as CEO.

It was only in September 2020 that this technology entrepreneur quit the company and co-founded another company, Card91, where he is currently serving as a co-founder.

Sankar Bora

An NIT Calicut and IIM Bangalore alumnus, Sankar started his entrepreneurial career by founding Engineering Exam Prep. He eventually resigned and chose to serve a list of companies—IT Solutions, Trigyn Technologies, and Tavant Technologies—as a Senior Software Engineer, Technical Leader, and Associate Project Manager.

Bora later co-founded Myntra, where he served as a VP of Operations. After leaving Myntra in 2010, Bora served as a Mentor and Strategic Investor at Flemingo Hospitality Services Pvt. Ltd; Co-founder & Chief Operating Officer of Miraistore.com; Chief Operating Officer of AEON Learning, and a Founder & Chief Operating Officer at DealShare.in, a post that he still retains.

Raveen Sastry

Raveen Sastry co-founded Myntra after serving as a Product Manager in Xora and IPTouch Inc. After leaving Myntra, Sastry co-founded Hoopos.com and Babyoye.com, where he also served as the Head of Product along with being a co-founder.

NudgeSpot was the next company that Sastry founded. Raveen left NudgeSpot to serve Boomtrain as General Manager and Zeta Global as the Strategic Advisor and Vice President before becoming a Founding Partner of Multiply Ventures.

Myntra currently operates with 1,001–5,000 employees.

Myntra - Startup Story

Mukesh Bansal's journey with Myntra began after his time in Silicon Valley. He quit his US employment in 2007 to launch his own company in India. He toured shopping centers frequently to get ideas for creating personalized experiences while investigating both offline and internet sectors.

A visit to an abandoned commercial area in Pune proved to be the turning point. Bansal thought of a better way after observing unsold inventory in physical stores: offering these goods online. This realization resulted in Myntra becoming a platform that revolutionized online shopping by offering shoes, accessories, and apparel in addition to these products.

Mukesh Bansal helped other people with a background in software engineering realize their business goals as a co-founder. Between 2007 and 2010, Myntra concentrated on B2B sales of customizable gift goods that could be ordered on demand. The business gradually changed its emphasis from B2B to individual customer service.

In 2012, Myntra accomplished a noteworthy accomplishment by broadening its product portfolio to encompass 360 Indian and global brands. This was a turning point in Myntra's development into India's largest B2C fashion eCommerce marketplace, capping an incredible journey of success and transformation from a B2B firm.

Myntra - Mission and Vision

Myntra's mission and vision are to provide "a hassle-free and enjoyable shopping experience to shoppers across the country with the widest range of brands and products on its portal."

Myntra - Name and Logo

30th January 2021 - Myntra decided to replace its existing logo with a new one following a complaint that claimed it was offensive towards women. The Myntra logo was seen to depict the legs of women. Following all the controversy surrounding the Myntra logo issue, the online shopping app decided to change the logo on its website, its app, and all packaging material.

The parent company of Myntra is "Flipkart."

Myntra - Business Model

Myntra has adopted an aggregator business model, facilitating direct consumer-brand connections (B2C). From its original business-to-business (B2B) model, it underwent a dramatic change to its current consumer-centric strategy. The core of Myntra's business strategy is to procure the newest products from affiliated companies by the current fashion. This guarantees that the most sought-after products arrive at Myntra's eCommerce site promptly, in accordance with their availability in the corresponding retail brand stores.

Throughout its development, Myntra has honed its function as a go-between for customers and high-end companies, simplifying the purchasing process. By transitioning to a direct-to-consumer model, Myntra ensures that fashion enthusiasts have swift access to the freshest offerings from their favorite brands, marking a seamless fusion of online and offline retail dynamics.

Myntra - Revenue Model

Myntra makes revenue from different resources some of which are listed below:

Commission Fees: Depending on the product's category and brand, Myntra's primary revenue stream is the charging of a predetermined fee, which normally ranges from 4% to 5%.

Marketplace Services: Myntra makes money by giving different brands and merchants a place to display and sell their goods on its online marketplace.

Logistics Services: By making it easier for clients to store, package, and receive things, the company makes money through its logistics services.

Advertisement: Myntra makes use of its platform to facilitate the promotion of brands' items to a broad audience, generating extra income.

Other Resources: To maintain a diversified and long-lasting financial strategy, Myntra investigates and makes money from several additional sources in addition to the main revenue streams.

Myntra Financials

Myntra's financials show that in FY22, the company generated an operating revenue of INR 3,501.2 crore, which increased to INR 4,375.3 crore in FY23. However, its total expenses also rose from INR 4,206.9 crore to INR 5,290.1 crore during the same period. Major costs included material consumption, which went up from INR 1,770.3 crore to INR 2,165.7 crore, and employee benefits, rising from INR 522.5 crore to INR 631.8 crore. Advertising expenses also increased significantly, from INR 1,298 crore to INR 1,758.8 crore. As a result, Myntra reported a net loss of INR 597.6 crore in FY22 and a greater loss of INR 782.4 crore in FY23.

Myntra - Challenges Faced

Logistics proved to be a significant challenge for Myntra, a critical aspect for any eCommerce company striving to meet customer demands. The creative hybrid logistics model used by Myntra is responsible for its success. Early on, Myntra addressed the issue of supply chain management and logistics by putting into practice a plan that divided up the work strategically between the company and outside service providers according to demographics.

Nevertheless, this strategy brought with it a new set of difficulties as Myntra found it increasingly difficult to identify trustworthy third-party service providers who could give a top-notch experience. In response, the business made supply chain management a top priority and carefully selected delivery representatives who had a track record of providing top-notch service.

Myntra as an enterprise and a team has always placed a strong emphasis on the value of comprehensive contributions. To make sure that its short-term success is consistent with the broad ideals the brand upholds, the brand places a high weight on matching its values with society's expectations.

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Myntra - Funding and Investors

Myntra has raised $569.8 million in 15 rounds of funding.

Here are the funding details:

Myntra - Investments

On February 11, 2019, Myntra invested Zilingo with its Series D funding round, contributing $226 million. The eCommerce platform Zilingo uses technology to optimize the fashion and cosmetics supply chain.

Myntra - Mergers and Acquisitions

The company has seen 9 major acquisitions to date.

Below are the details:

Myntra - Growth and Revenue

• It has 60 million average users as of March 2024
• The company has over 6,000 brands as of March 2024
• It has delivered to over 19,000 pin codes across India as of March 2024
• It has 75 million new app users as of December 2023
• Myntra offers products from more than 6,000 brands as of December 2022

Myntra - Partnerships

Myntra has partnered with many companies. Some of the prominent ones are:

• Myntra signed a pact with a UK-based fashion house in November 2023, Boohoo Group. This deal will allow Booho Group brands such as Boohoo, Dorothy Perkins (DP), and Nasty Gal to enter into Indian markets.
• 23rd August 2021 - Myntra has announced its partnership with London-based digital fashion brand Urbanic, whose selection is available from 1st September. This Myntra-Urbanic partnership would be scaling the accessibility of the brand in foreign markets, targeting especially Gen Z and the millennials, who are the trendsetters of the eCommerce platform.

"We are elated to be joining forces with Urbanic to bring the best of fashion-in-trend to our thriving base of young shoppers namely Gen-Z and millennials, who are steadily shaping the future of eCommerce. With their extremely high digital presence combined with a keen sense of style, they are poised to become one of Myntra's dominant consumer bases and this partnership helps us boost our portfolio to cater to their distinctive fashion choices," Myntra's Chief Business Officer Ayyappan Rajagopal said.

Myntra - Innovations and Initiatives

Myntra has unveiled Maya, a virtual fashion influencer, as part of its commitment to enhancing the customer experience. Maya is a digital avatar that combines fashion expertise with the latest technology, providing interactive content and sharing fashion tips, style recommendations, and the latest trends. This innovative initiative demonstrates Myntra's dedication to staying ahead in the ever-evolving world of fashion eCommerce.

By introducing Maya as a virtual fashion influencer, Myntra showcases its commitment to pushing boundaries and embracing innovative approaches in the fashion eCommerce landscape. Maya's presence strengthens Myntra's position as a pioneer, constantly striving to deliver exceptional customer experiences and cater to the evolving needs of its audience.

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Myntra - Advertisements and Social Media Campaigns

Ahead of the Big Fashion Festival (BFF) in 2023, Myntra unveiled its 'Dress-up Season' campaign, starring actors Sidharth Malhotra and Kiara Advani. Originally slated for October, the yearly celebratory shopping frenzy aims to place fashion at the center of the celebrations.

The ad emphasizes the importance of fashion in festivities and the fun that comes with "dressing up" for special events. With Sidharth and Kiara celebrating their first Diwali together as a married couple, Myntra wants to convey the spirit of the occasion and highlight the platform's significant contribution to their joyous occasions.

Myntra - Awards & Recognitions

Myntra has bagged quite a few titles under its name.

• Myntra won various awards in 2022, some of these are ET Future Ready Organization/D&I Culture, Kaleidoscope Award for best campaigns, Brand Excellence Award by Economic Times for Marketing Campaign, and more.
• Myntra was acknowledged as India’s Most Admired and Valuable Power Brand Award 2016 at the 7^th Annual India Leadership Conclave and Indian Affairs Business Leadership Awards 2016.
• Myntra.com was announced as a winner of the Red Herring Global 100 award.
• CNBC - TV18 recognized Myntra's website as one of the Hottest Internet Companies of the Year.
• It has also been awarded 'Fashion eRetailer of the Year 2013' by Franchise India's eRetail Awards.
• Myntra's online app and website also bagged the title of 'Best E-commerce Website for 2012' by the IAMAI India Digital Awards.
• The venture was also awarded 'Images Most Admired Retailer of the Year: Non-Store Retail' for 2012 by Images Group.
• Puma India awarded Myntra with the 'Best E-commerce Partner of the Year 2011–12'.

Myntra - Competitors

When Myntra started, no vendors were providing such seamless and exclusive shopping experiences to consumers. However, over time, its competitors have increased over the years in India.

Some of the prominent competitors of Myntra are:

• Bewakoof
• Shein
• LimeRoad
• ShopClues
• Snapdeal
• Voonik
• Amazon
• Ajio

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Myntra - Future Plans

Myntra's growth focuses on offering trendy products, increasing sales in non-clothing categories, promoting premium fashion through beauty, international, and direct-to-consumer (D2C) brands, expanding into smaller cities, and creating special products for the rising Gen-Z audience.

To solidify its position as a major player in the Indian fashion industry, Myntra intends to capitalize on its recent franchise arrangement with UK fashion brand NEXT. Through the partnership, Myntra will be able to open NEXT-branded stores all over India, increasing its omni-channel footprint and product choices.

In addition, Myntra wants to keep up its dedication to providing its clients with a seamless and pleasurable shopping experience by expanding its selection of fashionable goods. In addition, Myntra will concentrate on fortifying Myntra Jabong Pvt. Ltd, its B2B wholesale company, to efficiently distribute NEXT's goods and capitalize on the sizeable and varied Indian market. In general, Myntra's goals for the future are to propel expansion, innovation, and client happiness in the dynamic field of fashion eCommerce.

FAQs

Who is the founder of Myntra?

Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena founded Myntra in 2007.

What is Myntra?

Myntra is one of the largest fashion eCommerce stores in India that deals with a wide range of fashion and lifestyle products for men, women, and kids.

Is Myntra an Indian company?

Yes, Myntra is an Indian company founded by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena. Its parent organization is Flipkart.

Who owns Myntra?

Flipkart acquired Myntra in May 2014 for Rs. 2,000 crores.

Is Myntra B2B or B2C?

Myntra is a B2C eCommerce fashion brand.

When was Myntra founded?

Myntra was launched in 2007 by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena.

How does Myntra make money?

Myntra operates on an aggregator model and its major source of income is from commissions.