Myntra - Bringing top-notch fashion with every click

Today, we can sit in one space and browse through the top and international brands and also get it delivered right to our doorstep. Thanks to online shopping. One of the most prominent names in this industry, as we all know is Myntra. Myntra was established by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena back in 2007. Myntra today is the most popular online shopping portals that bring the premium brands under its umbrella, bringing its consumers the most effortless shopping experience.

Company Name Myntra
Headquarter Bangalore
Sector Ecommerce
Founders Mukesh Bansal, Ashutosh Lawania, Vineet Saxena
Founded 2007
Website myntra.com

Myntra - How did it start?
Myntra - Founders and Team
Business Model and Revenue Model
Myntra - Startup Challenges
Myntra - Competitors
Myntra - Funding and Investors
Myntra - Mergers and Acquisitions
Myntra - Growth
Myntra - Awards and Recognition

Myntra - How did it start?

Myntra Logo
Myntra Logo

Back when Myntra was incepted, it only sold on-demand personalized gift items. And it operated majorly on the B2B model during its initial years. From 2007 till 2010, Myntra offered its customers a range of personalized products like T-shirts, mugs, mousepads, and others. Then came 2011, when Myntra started selling product segments for fashion and lifestyle range and gradually moved away from personalization. In no time, Myntra began offering products from 350 Indian and International brands in 2012.

Then came the year 2014, when Myntra was acquired by the online giant Flipkart in a deal valued at ₹2,000 crores (US$280 million). This purchase was influenced by Tiger Global and Accel Partners, two of the most influential investors in the industry. Even though this deal, Myntra can function and operate independently. All in all, Myntra continues to operate as a standalone entity under Flipkart’s ownership because as a venture it focuses primarily on "fashion-conscious" consumers. In the same year, Myntra’s online portal included more than 1,50,000 products of over 1000 brands. The most surprising part is that, by then, Myntra was already operating with a distribution area of around 9000 pin codes in India.

In May 2015, Myntra came up with a surprise and it announced the shut down of its website. This meant that it would now serve its customers exclusively through its mobile application. This time, Myntra correctly justified its decision by stating it outright that 95% of traffic on its website came via mobile devices, and that 70% of its purchases were performed on smartphones. Since the customers were quite adapted to the website and taking it straight away from them resulted in a 10% decline in sales. Hence it reviewed its decision and again put a website in place.

In September 2017, Myntra also attempted to put up 15 brick and mortar stores across India. Since then, Myntra has been growing tremendously and with a lot of features like Myntra Insider, it’s keeping its consumers engaged and happy.


Also Read: Top 12 Fashion Startups for Best Wardrobe Collection 2020


Myntra - Founders and Team

The founders of Myntra are Mukesh Bansal, Ashutosh Lawania and Vineet Saxena.

  • Mukesh Bansal- Bansal is an IIT Kanpur graduate and has co-founded quite a few startups like Curefit and more in his versatile career.
  • Ashutosh Lawania - Ashutosh is an angel investor and a co-founder at Myntra. Graduated from IIT Kanpur, this brilliant mind has co-founded quite a few startups like Bytedge Solutions and mfine.
  • Vineet Saxena - This co-founder at Myntra is also the CEO and Co-founder at Indusdiva. He is also the founder of Bytedge Solutions and a graduate from IIT Kanpur like other Myntra co-founders.

Also Read: NorthMist - Bringing in the Gorgeous Fusion of Fashion and Sustainability


Business Model and Revenue Model

Since Myntra is an aggregator of premium brands, Its business model is primarily based on procuring current season merchandise from all its associated brands and making them available on its e-commerce portal at the same time as in respective retail brand outlets. However, these products are offered to the customers on MRP only.

Myntra - Startup Challenges

All the startups face their subsequent share of challenges and so did Myntra. For this one, logistics was a big challenge when it came to bar the customer’s satisfaction up and optimal. Needless to say, Logistics is one of the most important aspects of an e-commerce company. As of today, Myntra’s success is duly credited to its hybrid logistics model. To solve their problem of logistics and supply chain in the initial years, they devised this solution and distributed the logistics between themselves and third-party service providers solely on demographics.

This again posed a major challenge for Myntra because finding reliable third-party service providers who could provide world-class delivery experience to the firm and the consumers is quite a job. To counter this, Myntra took utmost care of its supply chain management, and hired delivery agents with high and deep quality of delivery experience.

Myntra, as a venture and as a team has always believed that greatest contributions happen when the larger picture is kept in mind. Also, what the brand stands for and how it is conveyed to the society through the time of making short term progress plays a very important part.

Myntra - Competitors

Though when Myntra started off, there were really vendors who were providing such seamless and exclusive shopping experiences to the consumers. But through all these years, Myntra has grown to face a significant range of competition from new entrants like bewakoof.com, shein.in, missamore clothing and a lot more of them. Even though these portals are comparatively smaller, they cater to the same fashion-conscious audience that Myntra does. Therefore they give stiff competition to Myntra.

Myntra - Funding and Investors

The funding rounds for Myntra started right after its inception in 2007.

  • In October 2007, it received its seed funding from investors namely Accel Partners, Sasha Mirchandani from Mumbai Angels and few other angel investors.
  • In November 2008, it raised its Series A funding for $5 million from NEA-Indo-US Ventures, IDG Ventures, and Accel Partners.
  • Myntra again raised $14 million in the second round of funding led by Tiger Global and with participation from other existing investors like IDG Ventures and Indo-USVenture Partners
  • Then in 2011, Myntra raised $20 million in the third round of funding led by Tiger Global.
  • In 2012, it raised its Series D funding for $25 million and Series E for $8 million in February 2013
  • Myntra also raised two consecutive venture rounds for $25 Million and $50 million in 2013 and 2014 respectively
  • In 2017, Myntra raised a debt financing round for $500k with Kotak Mahindra Group
  • In 2018, Myntra raised INR 11.8 billion in its private equity round. The investors remain undisclosed.

Myntra - Mergers and Acquisitions

  • In April 2015, Native5, a Bengaluru-based mobile app development platform company was acquired by Myntra. The goal of this acquisition was to strengthen and expand Myntra’s mobile technology team.
  • In July 2016, Myntra came to acquire a mobile-based content aggregation platform named Cubeit, to strengthen and expand its technology team.
  • Again in July 2016, it acquired its main rival in the online fashion sector, Jabong.com and went on to become India’s largest fashion platform.
  • In April 2017, Myntra acquired InLogg. This was a city-based technology platform that provides end-to-end logistical solutions for the smooth functioning of e-commerce businesses.
  • In October 2017, the company successfully partnered with the Ministry of Textiles to promote the handloom industry in the country
  • In April 2018, Myntra brought on board, a Bengaluru-based start-up named Witworks, a maker of wearable devices to strengthen its technology team.

Myntra - Growth

  • Tied up with top fashion and lifestyle brands in India like Nike, Inc., Reebok, Puma, Adidas, Asics, Lee, Lotto, Decathlon, FIFA, John Miller, Indigo Nation, etc.
  • Offers a wide range of current season merchandise from the best and top-notch brands across multiple categories from clothing to accessories
  • Myntra currently offers products from more than 500 Indian and international brands.
  • Only the footwear category includes a wide array of varieties like shoes for running, tennis, football, basketball, and fitness, along with casual footwear from world-renowned industry leaders like Nike, Puma, Converse, Adidas, Decathlon, Reebok, Lee Cooper, Numero Uno, Skechers, Crocks, Asics, Fila, Lotto, ID and many more. There is also casual and dressy footwear for women from Catwalk, Carlton London, Steve Madden, and RedTape to name a few.
  • Myntra has clothing items for both men and women from popular brands like Jealous 21, Forever New, Classic Polo, Inkfruit, Lee, Nike, Inc., Probase, Puma, Adidas, Reebok, Ed Hardy, Decathlon, Lotto, Ediots, Mr. Men, Tantra and guerilla to the only name a few

Myntra - Awards and Recognition

Myntra has gotten quite a few awards and achievements on its name. Some of them are:

  • Myntra.com was announced as a winner of the Red Herring Global 100 award.
  • CNBC - TV18 awarded Myntra as one of the Hottest Internet Companies of the Year
  • It has also been awarded 'Fashion eRetailer of the Year 2013' by Franchise India – Indian eRetail Awards
  • Myntra also backed the 'Best E-commerce Website for 2012' by IAMAI – India Digital Awards
  • This venture has also been 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'
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About Vidhi Punamiya

  • Mumbai