Update: Just confirmed from Myntra, it appears that the Mumbai Angels have not exited in this Series A round of funding.

Myntra, a site for for personalised and on-demand consumer products has received $5 million in investment from NEA-IndoUS Ventures and IDG Ventures, with previous investors Accel India Venture Fund II (which had previously backed Myntra as Erasmic Venture Fund). Myntra had also received backing from the Mumbai Angels. With this funding, Vani Kola from NEA-IUV and Sudhir Sethi from IDG Ventures will join Myntras board.

Myntra will use the funds to expand their geographical base, and hire senior management. Myntra essentially provides designers the opportunity to create designs that they can further sell for a commission. They claim to have published 20,000 designs, and what’s interesting the affiliate model they’ve taken to to building a user base:

To affiliates, Myntra offers 10% commission on banner placement, 17% commission if affiliates allow users to purchase content on their own sites, and 10% royalty for sites who set up shop on Myntra.

Earlier this year, the company had tied up with Holiday IQ and Ibibo (MIH India), and I noticed today, co-branded sites for UTVs Bindass and Cricket site Cricinfo. They’re probably getting a 10% commission. Update: Rahul Agarwal of Myntra informs us that roughly 1/3rd of their revenue from the Individual segment comes from partners, with whom they’ve inked long term deals. Offline, Myntra also offers personalised solutions to corporates like TechMahindra.

Other sites that Myntra has partnered with include “Cool Hanuman“, Kotak Life InsuranceChakPak.comProto.inAmmas.comneedgrub.comcaclubindia.com, umaad.com (IIM B), fairglow.compuneripatya.com. From Myntra’s perspective, the more the better.

In this context, also read our coverage of eYantra’s funding. eYantra has a significantly offline model – eYantra Sells 18% Stake For $3.1 Million To Ventureast, Argonaut; To Develop Foostor.com