Online market place Myntra today said it has received funding worth USD 50 million from a group of investors led by Premji Invest, the family investment arm of Wipro chairman Azim Premji.
Since its launch in 2007, Myntra has raised close to USD 75 million from investors, including Accel Partners and Tiger Global. Myntra said: "...raised USD 50 million (about Rs 300 crore) in a financing round led by Premji Invest along with new and existing investors."
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This funding will enable Myntra to strengthen its technology, infrastructure and customer experience and fund future growth initiatives, it said in a statement. "This round of funding will allow us to scale up, attract and retain superior talent, ramp up our technology infrastructure and strengthen the Myntra brand," Myntra co-founder and CEO Mukesh Bansal said.
He added the company is confident of achieving USD 1 billion GMV (Gross Merchandise Value) by 2016. Presently, the portal receives more than 50 million visits monthly and showcases about 50,000 products from over 600 brands.
According to a report by research firm CLSA, India's USD 3.1 billion e-commerce market (excluding online travel) is expected to grow by over seven times to USD 22 billion in five years. "Myntra is well-poised to capitalise on this growth opportunity with its compelling business model, product innovation, and dynamic leadership," Bansal said.
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