Success Story of Myntra - Most Famous Name in Indian Online Fashion Industry

Vidhi Punamiya Vidhi Punamiya
Oct 11, 2021 12 min read
Success Story of Myntra - Most Famous Name in Indian Online Fashion Industry

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Myntra.

Today, we can sit in one space and browse through the top international fashion brands and get it delivered right to our doorsteps, thanks to online shopping. One of the most prominent names in this industry, as we all know is Myntra. Myntra was founded by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena back in 2007. So what is Myntra? Myntra India is a Indian online shopping website that brings premium brands under its umbrella and furnishes its consumers with the most effortless shopping experience.

StartupTalky covers the Myntra success story in this post. Know all about how Myntra company profile, Myntra startup story, information about Myntra, its revenue model, funding, founder, business model, startup challenges & more.

Myntra Company Highlights

Company Name Myntra
Headquarters Bengaluru
Sector E-commerce
Founders Mukesh Bansal, Ashutosh Lawania, Vineet Saxena
CEO Amar Nagaram
Founded 2007
Parent Organisation Flipkart

Myntra - Latest News
About Myntra
Myntra - Founders
How Myntra Was Started?
Myntra - Business & Revenue Model
Myntra - Funding & Investors
Myntra - Growth
Myntra - Mergers & Acquisitions
Myntra - Startup Challenges
Myntra - Competitors
Myntra - Awards & Recognitions
Myntra - FAQs

How Myntra became the Top stop for online shopping ?
When we talk about fashion and online-shopping, the first thing that comes toour mind is Myntra. Which started from selling personalized gift products to thelargest fashion site in India. Along the journey Myntra acquired a lot ofsubsidiaries that helped in growing it’s business. Myntra- An ove…

Myntra - Latest News

27thSeptember 2021 - Myntra has now increased its fulfilment centres to five, in cities such as Binola, Bilaspur, Bhiwandi, Bengaluru and Kolkata. The company is working on strengthening its supply chain network because of its festival season sale. This will enhance capacity for higher storage volumes and optimise last-mile deliveries since the company was expecting over 5.5 million unique customers during its upcoming Big Fashion Festival, which is 1.8X increase in traffic compared to the previous edition.

23rd August 2021 -  Myntra company has announced its partnership with London-based digital fashion brand Urbanic whose selection will be available from 1st September. This myntra urbanic partnership was done to scale the accessibility of the brand in the foreign markets and targets especially Gen Z and millennials who are the trendsetters of the e-commerce 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 e-commerce. 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.

9th July 2021 - India's largest online fashion store Myntra claimed to have recorded 220 million traffic sessions during the six-day event, at 4 times growth over business as usual, while the myntra customer base grew with 15 million first-time visitors coming to the platform.

"EORS-14 witnessed approximately 60% growth in demand over the June'20 edition," Myntra CEO Amar Nagaram said in a statement.

30th January 2021 - Myntra has 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 be depicted the legs of women. Following all the controversy surrounding the Myntra logo issue, the online shopping app decided to change the logo on their website, their app and on all packaging material.

Myntra Logo
Myntra - Change of Logo

25th December 2020 - The year ended on a positive note for the company with the Myntra shopping sale, (bi-annual End of Reason Sale) registering a 51% rise in traffic.

9th October 2020 - Myntra received a fresh capital infusion of $103 million from its Singapore-based parent entity, FK Myntra Holdings, ahead of its seven-day-long festive sale.

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About Myntra

Myntra | Brand endorsement by Disha Patani

Myntra is one of the largest fashion e-commerce stores in India that deals with a wide range of fashion and lifestyle products for men, women and kids like high-quality clothes, branded footwear, bags and backpacks, beauty and personal care products, home and living accessories and much more. So myntra is from which country you ask, the ecommerce site was started and operates all across India.

Myntra parent organization is Flipkart, which is India's largest e-commerce company. Who owns Myntra? So Myntra founders are Mukesh Bansal, Ashutosh Lawania and Vineet Saxena. Myntra company was founded in 2007 and has its headquarters based in Bengaluru, Karnataka India. The current Myntra CEO is Amar Nagaram , who took the position in 2019.

Myntra - Founders

Founders of Myntra
Vineet Saxena, Mukesh Bansal and Ashutosh Lawania (L to R)
  • Mukesh Bansal, the founder of Myntra, was born and raised in Haridwar, Uttarakhand. He is an IIT Kanpur graduate and currently serving as the co-founder of CureFit.
  • Ashutosh Lawania is an angel investor and co-founder of Myntra. This founder of myntra graduated from IIT Kanpur, this brilliant mind has also co-founded few startups like Bytedge Solutions and MFine.
  • Vineet Saxena, was one of the main myntra founders and started out as a a technology entrepreneur, who later created the successful online fashion store, now serves as the co-founder of Card91. He is also an IIT Kanpur graduate and founded startups like Bytedge Solutions and IndusDiva.

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How Myntra Was Started?

Myntra startup story started with it selling on-demand personalized gift items and focused to serve the B2B model during its initial years. Myntra established its website which offered its customers a range of personalized products like T-shirts, mugs, mousepads, and others between 2007 and 2010. In Myntra history, it had started selling products for fashion and lifestyle and gradually moved away from personalized products. And by 2012, the story of Myntra took a turn as it began offering products from 350 Indian and International brands.

In 2014, Myntra was acquired by the online e-commerce giant Flipkart in a deal valued at ₹2,000 crores (US$280 million). The takeover was influenced by Tiger Global and Accel Partners. Despite this deal, Myntra company continues to operate as an autonomous entity under Flipkart’s ownership and focuses primarily on "fashion-conscious" consumers. In the same year, this indian online shopping website included about 1,50,000 products of over 1000 brands with a distribution area of around 9000 pin codes in India.

On 10th May 2015, Myntra came up with a surprise and announced the shutdown of its website. Further added that it would serve the customer mainly through mobile applications beginning 15th May. But the "app-only" model witnessed a decline in its sales. Myntra supported its decision by stating that 95% of traffic on its website came via mobile devices and that 70% of its purchases were performed on smartphones. Seeing the negative impact of the app-only model, Myntra decided to revive its website.

Myntra - Business & Revenue Model

Myntra business model operates on an aggregator business model (B2C) of premium brands. The business model of Myntra 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.

The Myntra revenue model is mainly based on generating income from the commission, marketing, and shipping charges. And this is how myntra works, it charges a fixed commission of 4% - 5% depending on the category and brand of the product.

Myntra - Funding & Investors

Myntra funding overall is is estimated to be over $399.8M in funding over 13 rounds. The latest Myntra funding was raised on September 24, 2021, led by its Myntra parent organisation, Flipkart. The fresh infusion comes at a crucial juncture when the fashion giant is looking forward to starting the Big Fashion Sale from October 7th onwards, which will be continuing till October 13, 2021.

Date Stage Amount Investors
September 24, 2021 - $66.7 Million Flipkart
October 9, 2020 Funding Round $103 Million FK Myntra Holdings
March 6, 2018 Funding Round $63.7 Million FK Myntra Holdings
October 18, 2017 Debt Financing ₹500 Million Kotak Mahindra Bank
January 31, 2014 Venture Round $50 Million -
May 31, 2013 Venture Round $25 Million -
February 1, 2013 Series E $8 Million -
May 1, 2012 Series D $25 Million -
August 1, 2011 Series C $20.8 Million -
March 4, 2011 Series B $14 Million Tiger Global Management
July 1, 2010 Series B $11 Million -
November 2008 Series A $5 Million NEA-Indo-US Ventures, IDG Ventures and Accel Partners
October 2007 Seed Funding - Accel Partners, Sasha Mirchandani and others

Myntra investor, Jabong India Private Limited has decided to allot 7,08,025 equity shares to its Singapore-based parent company, FK Myntra Holdings for Rs 455 crores, as per the regulatory filings of the company. Furthermore, it has also allotted 58,195 equity shares to Quickroutes International Private Limited for Rs 37.40 crores, which has taken the total infusion to Rs 492 crores.

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Myntra - Growth

  • Myntra company has become India's fashion expert that serves millions of customers, with 2000+ world's top fashion brands on the platform. They sell more than 200,000 items on the app on any given day and have achieved approximately $500M Gross Merchandise Volume in FY 2015 - 2016.
  • The growth of myntra is estimated to be 300% in the sector of lingerie and loungewear segment amid the second wave of Covid-19.
  • Myntra website has tied up with top fashion and lifestyle brands in India. The Myntra exclusive brands are Nike, Adidas, Reebok, Puma, Asics, Lee, Lotto, Decathlon, FIFA, John Miller, Indigo Nation, etc.
  • A important information about myntra is that it offers a wide range of current season merchandise from Myntra fashion brands that are said to be one of the best 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. The other Myntra fashion brands that are casual and includes dressy footwear for women are Catwalk, Carlton London, Steve Madden, and RedTape.

Myntra - Mergers & Acquisitions

  • Myntra, a Flipkart Group company had acquired Jabong in July 2016 for $70 million in cash and Flipkart had bought Myntra in May 2014.
  • In April 2015, Native5, a Bengaluru-based mobile app development company was acquired by Myntra. The goal of this acquisition was to strengthen and expand Myntra’s mobile technology team.
  • In July 2016, Myntra business 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, and went on to become India’s largest fashion platform.
  • In April 2017, Myntra company 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 India bought a Bengaluru-based startup named Witworks, a maker of wearable devices.
  • In August 2018, Myntra acquired Mumbai-based startup Pretr Online Services Pvt. Ltd., an end-to-end omnichannel platform for retail.

Myntra - Startup Challenges

Logistics was a big challenge for Myntra in order to meet the customer's satisfaction. Needless to say, it is also one of the important aspects of an e-commerce company. 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 a 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 delivery experience.

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

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Myntra - Competitors

When Myntra started off, there were really no vendors providing such seamless and exclusive shopping experiences to the consumers. But through all these years, Myntra competitors in India have increased over teh years . The main Myntra competitors are from:

Myntra - Awards & Recognitions

Myntra awards has bagged few titles under its name. This is the information about myntra's awards.

  • Received India’s Most Admired & Valuable Power Brand Award 2016 at the 7th Annual India Leadership Conclave & Indian Affairs Business Leadership Awards 2016.
  • was announced as a winner of the Red Herring Global 100 award.
  • CNBC - TV18 awarded Myntra website as one of the Hottest Internet Companies of the Year.
  • It has also been awarded as 'Fashion eRetailer of the Year 2013' by Franchise India – Indian eRetail Awards.
  • Myntra online app and website also bagged the title of 'Best E-commerce Website for 2012' by 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'.

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Myntra - FAQs

What is Myntra?

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

What is Myntra's business model?

Myntra operates on an aggregator business model. The firm buys the latest brands and sells them online to the customers by adding a profit margin. It mainly earns from the commission.

Why did Flipkart acquire Myntra?

Flipkart acquired Myntra in May 2014 in order to exploit a market i.e., the fashion space which remains an untapped market before the merge.

Are Myntra and Flipkart the same?

In 2014, Myntra was acquired by Flipkart in a deal valued at ₹2,000 crores (US$280 million). Since then, it operates under Flipkart focusing primarily on fashion-conscious consumers.

Who has become the beauty brand ambassador of Myntra?

Myntra has announced Disha Patani as a brand ambassador in the beauty and personal care (BPC) market in India.

Why is Myntra successful?

Logistics was a big challenge when it came to quench customer's satisfaction. It is also an important aspect of any e-commerce company. Myntra's success belongs to a hybrid logistics model.

How was myntra started?

The company was found by Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena in the year 2007. Initially, Myntra used to sell personalised gift items on demand.

Is Myntra Indian company?

Yes Myntra is an Indian company.

Is myntra a startup?

Yes Myntra is a successful ecommerce startup.

Who is founder of myntra?

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

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