Success Story of Myntra - The Brand Which Revolutionized Online Fashion Industry

Anik Banerjee Anik Banerjee Vidhi Punamiya Vidhi Punamiya
Feb 17, 2022 16 min read
Success Story of Myntra - The Brand Which Revolutionized 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 our favourite products delivered right to our doorsteps. Thanks to the evolution of eCommerce and online shopping trends. One of the most prominent names in the eCommerce industry of India, as we all know, is Myntra.

Myntra was founded by Mukesh Bansal, Ashutosh Lawania, Vineet Saxena back in 2007. Myntra witnessed quite a successful run before it was acquired by Flipkart in May 2014 for Rs 2000 crore, cash and stock deal to help the latter tap into the fashion space.

The parent organization of Myntra is Flipkart. It is an Indian online shopping website that brings premium brands under its umbrella and provides its consumers with the most effortless shopping experience.

StartupTalky covers the Myntra success story in this post. Therefore, dive into the article to know all about Myntra, its Startup Story, Business and Revenue Model, Funding and investors, Founders and Team, Challenges, Competitors, Future Plans & more.

Myntra Company Highlights

Company Name Myntra
Headquarters Bengaluru
Sector E-commerce
Founders Mukesh Bansal, Ashutosh Lawania, Vineet Saxena, Sankar Bora, and Raveen Sastry
CEO Amar Nagaram
Founded 2007
Parent Organisation Flipkart
Total Funding $399.8 mn (2021)
Revenue $333.38 mn (Rs 2466 crore in FY21)
Valuation $1.2 bn (November 2021)
Website myntra.com

Myntra - Latest News
About Myntra
Myntra - Founders and Team
Myntra - Startup Story
Myntra - Mission and Vision
Myntra - Logo
Myntra - Business & Revenue Model
Myntra - Funding & Investors
Myntra - Growth and Revenue
Myntra - Mergers & Acquisitions
Myntra - Partnerships
Myntra - Startup Challenges
Myntra - Competitors
Myntra - Awards & Recognitions

Myntra - Latest News

7th January 2022 - Achint Setia, who has led the social commerce business of Myntra has been elevated as the Head of Marketing of Myntra, a role which he will oversee along with looking after the social commerce. Setia will help in the scaling of the brand by developing marketing strategies, improving customer loyalty, and more. ย  ย 

13th November 2021 - Myntra appoints Nandita Sinha, Flipkart Vice President, Consumer Growth and Marketing, as the CEO of the company, effective from January 1, 2022.

23rd October 2021 - Myntra CEO Amar Nagaram decides to step down from his position and quit the company in order to launch his own venture. Nagaram will be staying in an advisory role till the end of December 2021 to ensure a smooth transition.

27th September 2021 - Myntra has now increased its fulfillment centers 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 optimize last-mile deliveries since the company was expecting over 5.5 million unique customers during its upcoming Big Fashion Festival, which is a 1.8X increase in traffic compared to the previous edition.

23rd August 2021 - ย 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 would be scaling the accessibility of the brand in the foreign markets, targetting especially Gen Z and the 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 Old vs New Logo
Myntra Old vs New 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 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. 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 e-commerce companies in India. Flipkart has been the parent company of Myntra since 2014 when the e-commerce giant acquired Myntra for an estimated amount close to Rs 2000 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. With all of these Myntra can be aptly summed up as a one-stop-shop for fashion in India.

Myntra - Founders and Team

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

Mukesh Bansal

Mukesh Bansal
Mukesh Bansal

Mukesh Bansal, the Founder of Myntra, was born and raised in Haridwar, Uttarakhand. He is a Computer Science from IIT Kanpur, after which he had 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 CureFit.

Ashutosh Lawania

Ashutosh Lawania
Ashutosh Lawania

Ashutosh Lawania is an angel investor and the Co-founder of Myntra. Ashutosh graduated from IIT Kanpur, after which he had 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, where he is still serving as a Co-founder.

Vineet Saxena

Vineet Saxena
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 a little more than 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 a CEO.

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

Sankar Bora

An NIT Calicut and IIT Bangalore alumus, 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 Sales/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 the General Manager and Zeta Global as the Strategic Advisor and Vice President before becoming a Founding Partner of Multiply Ventures.

Amar Nagaram

Myntra CEO Amar Nagaram, who took the position in January 2019 decided to call it quits on October 23, 2021. However, to ensure a smooth transition, Amar was asked to stay with the company till December 2021 in an advisory role. The drive to launch his own venture is what propelled his decision of quitting the company as CEO. The void will now be filled by Nandita Sinha, who has been presently serving Walmart-owned Flipkart as the Vice President, Consumer Growth and Marketing, as of November 15, 2021.

Nandita Sinha

Nandita Sinha, who would be appointed as the CEO of Myntra, effective from January 1, 2022, onwards, has joined Flipkart in August 2013 and served across multiple roles and categories, which includes beauty and personal care, books and general merchandise, home, furniture and more.

Hindustan Unilever Ltd. and Britannia Industries Ltd. were the previous companies that Sinha has worked with. Nandita Sinha boasts of around 17 years of experience in the Consumer Internet and FMCG space. Besides, she was also linked with MyBabyCart.com as a Co-founder. Sinha is a BTech graduate from IIT BHU and also has a degree in marketing and strategy from FMS Delhi.

โ€œI am certain that with her strong background in driving businesses and an acute focus on customer-centricity, Nandita will be instrumental in defining the next phase of Myntraโ€™s evolution as its CEO,โ€ stated Krishnamurthy.

Myntra currently operates with over 1000+ employees.


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Myntra - Startup Story

Mukesh Bansal, one of the founders of Myntra served as a Product manager in 4 different startups and had already developed a good understanding of how the market works when he decided to launch his own venture with the help of the other co-founders, who had a background in software engineering. Myntra was the result of their combined entrepreneurial dreams.

Myntra initially started 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.

the company gradually started cementing its position in fashion and lifestyle and expanded from selling only personalized products to businesses to serving other individuals.

By 2012, the story of Myntra took a turn as it began offering products from 360 Indian and International brands. Furthermore, the transition from being a B2B brand to emerging as India's largest B2C fashion eCommerce marketplace is a matchless feat indeed!

Myntra was a growing revolution in the Indian fashion industry, which is why in 2014, Myntra was acquired by the online e-commerce giant Flipkart in a deal valued at โ‚น2,000 crores (US$280 million). The takeover was influenced by Tiger Global and Accel Partners.

Despite this deal, Myntra continues to operate as an autonomous entity under Flipkartโ€™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. However, 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. However, seeing the negative impact of the app-only model, Myntra decided to revive its website again.

Myntra - Mission and Vision

Myntra's mission and vision is 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 Logo

Myntra - Business & Revenue Model

Myntra operates on an aggregator business model (B2C) of premium brands. Myntra earlier operated on a B2B business model prior to switching its business model to B2C. The business model of Myntra is primarily based on procuring current season merchandise from all its associate brands and making them available on its eCommerce portal as soon as they are available in the respective retail brand outlets.

The major source of revenue for Myntra is commission. It generates income from a fixed commission of 4% - 5% which it charges depending on the category and the brand of the product.

Myntra - Funding & Investors

Myntra has raised over $399.8M in funding over 13 rounds. The latest funding was raised on September 24, 2021, led by its parent organization, Flipkart.

The fresh infusion came at a crucial juncture when the fashion giant was looking forward to starting the Big Fashion Sale from October 7th onwards, which continued till October 13, 2021.

Date Stage Amount Investors
September 24, 2021 Funding Round โ‚น4.9 Billion FK Myntra Holdings
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 โ‚น500 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.

Myntra - Growth and Revenue

Myntra 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 company has recorded a Gross Merchandise Volume (GMV) of $800 million in January 2016, which is just a notch below its target $1 billion mark by FY16.

If we consider the footwear category only, we would have 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 fashion brands of Myntra are casual and include dressy footwear for women are Catwalk, Carlton London, Steve Madden, and RedTape.

Here's taking a look at some of the prominent growth highlights of the brand:

  • Myntra is currently the biggest name in the fashion e-commerce market of India.
  • 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, and more.
  • Myntra offers an array of current season merchandise from Myntra fashion brands, which include some of the best brands across multiple categories from clothing to accessories.
  • Myntra presently offers products from more than 500 Indian and international brands.

Myntra saw a 45% rise in its revenue, which rose from Rs 1,718.5 crore in FY20 to Rs 2,466 crore in FY21, as per the reports dated January 11, 2021. The company managed to narrow its loss down to Rs 429 crore in FY21 from Rs 744.4 crore in FY20, a decline of 42%. Myntra saw a rise though on its expenditure front, which increased by 17% from Rs 2,462.9 crore to Rs 2,891.6.

Myntra - Mergers & Acquisitions

Mergers

  • Myntra, a Flipkart Group company had acquired Jabong in July 2016 for $70 million in cash.
  • 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 Myntraโ€™s mobile technology team.
  • In July 2016, Myntra business acquired a mobile-based content aggregation platform named Cubeit, to strengthen and expand its technology team.
  • 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 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.

Acquistions

The company has seen 10 major acquisitions to date.

Acquired Date Price
Pretr Online Services Pvt Ltd August 1, 2018 -
Blink (formerly Witworks) April 16, 2018 -
20Dresses November 29, 2017 -
InLogg April 19, 2017 -
Jabong.com July 26, 2016 $70 mn
HRX July 20, 2016 -
Cubeit July 12, 2016 -
Native5 May 7, 2015 -
Fitiquette April 4, 2013 -
Exclusively November 9, 2012 -

Myntra - Partnerships

  • Myntra partnered with the London-based fashion brand Urbanic in August 2021.
  • In October 2017, the company successfully partnered with the Ministry of Textiles to promote the handloom industry in the country.
  • Myntra has partnered with Aditya Birla Fashion Retail Ltd's (ABFRL) The Collective, to bring a wide range of premium brands and launch its luxury store on November 16, 2021.
  • Myntra partnered with UK fashion brand 'Missguided' in November 2021 to cater to the mid-premium fashion demands.
  • Myntra collaborated with iconic British sportswear brand Slazenger as part of its strategic partnerships on September 8, 2021, where Myntra and Flipkart will make the products of the brand available on its platforms.
  • Myntra has partnered with several brands to launch 'Myntra-Mall,' which would help the brand further boost the online-offline synergy.

Myntra - Startup Challenges

Logistics was a big challenge for Myntra in order to meet the customer's demands. Needless to say, it is also one of the important aspects of an e-commerce company. Myntraโ€™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. However, with the course of time, its competitors have increased over the years in IIndia.

The main competitors of Myntra are:

  • Bewakoof
  • Shein
  • LimeRoad
  • Ajio
  • Amazon
  • Snapdeal
  • Voonik
  • Zooper
  • HSN
  • GoRootz
  • Naaptol
  • FashionAndYou
  • ShopClues
  • Yepme

Myntra - Awards & Recognitions

Myntra has bagged quite a few titles under its name.

  • Myntra was acknowledged as Indiaโ€™s Most Admired & Valuable Power Brand Award 2016 at the 7th Annual India Leadership Conclave & 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 online app and website also bagged the title of 'Best E-commerce Website for 2012' by IAMAI โ€“ India Digital Awards.
  • The venture was also awarded 'Images Most Admired Retailer of the Year: Nonโ€“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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FAQs

Who is the founder of Myntra?

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

Is Myntra an Indian company?

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

Who owns Myntra?

Flipkart acquired Myntra in May 2014 for Rs. 2000 crores.

Is Myntra B2B or B2C?

Myntra is a B2C eCommerce fashion brand.

When was Myntra founded?

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

How does Myntra make money?

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

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