To quote Ebay India’s B. Muralidharan at the VC Circle E-Commerce Forum last week, ” Who said mini bubbles are bad for any business!” And so, another e-commerce site raises funding: Myntra which offers personalized and on-demand consumer products, has received $14 million in a Series B funding round led by private equity firm Tiger Global, along with existing investors IDG Ventures and Indo-US Venture Partners, reports The Economic Times. (Update: As someone pointed out in the comments, Pluggd.in had reported it first)
In 2008, Myntra had raised $5 million 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. Myntra CEO and Co-founder Mukesh Bansal told Tech Circle that Myntra is now planning to switch gears and reposition itself as a lifestyle portal to include more mainstream products; currently, 50% of its 1000 average daily sales come from sports merchandise.
We checked, and it appears that Myntra retails jerseys for various football clubs (in partnership with Adidas), Indian Cricket Team and Indian Premier League jerseys (in partnership with Adidas, Reebok, Nike etc), all through partnerships. The company had started as a niche player offering personalized products through tie-ups with designers on a commission basis, as well as an affiliate model. just casual lifestyle brands, much like Yebhi.com