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Myntra Raised Around $25M Funding From Existing Investors

Bangalore-based fashion and lifestyle products focused e-commerce venture Myntra had raised around $25 million investment from existing investors like Tiger Global and Accel Partners among others. Myntra has confirmed this investment to Medianama and said that this investment happened late last year. While Myntra declined to comment on the exact investment amount raised, the company said that it has raised around $65 million investment until now. Excluding this investment round, the company has raised three investment rounds till now - a $21 million round in Feb 2012, a $14 million round in March 2011 and a $5 million round in November 2008. As per our calculations, this comes to about $40 million, indicating that the company has raised around $25 million investment in the latest round. Do note that Myntra had raised undisclosed amount of funding from Accel Partners (which had previously backed Myntra as Erasmic Venture Fund) and Mumbai Angels in 2007, however it was a seed round. This investment was first reported by PTI (via The Hindu Business Line) citing Myntra co-founder Ashutosh Lawania, although contrary to what the report says, Myntra has not raised $65 million recently, rather Myntra has raised $65 million since its inception. The company plans to use the investment raised to improve its back end infrastructure and to expand its operations across the country. Myntra currently claims to have tie-ups with over 500 leading fashion and lifestyle brands in the country such as Nike, Adidas, Puma, Lee, Levis, Arrow, Biba, FabIndia, and Timberland among others. This investment becomes more significant in face of the current e-commerce scenario in…

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