After months of speculation, Flipkart has confirmed that it has bought the Bangalore-based online fashion store Myntra. Myntra founder Mukesh Bansal will join Flipkart board. Both entities will remain independent. Follow our liveblog on the announcement here.Here is a quick look at the important events in Myntra's journey until now: May 2007: Myntra started off as an on-demand online personalization platform for consumer products, which allows users to find and create personalized and creative merchandise like T-Shirts, Mugs, Calendars, Keychains, Diaries and other items. The company was started by Mukesh Bansal, Ashutosh Lawania, Raveen Sastry and Vineet Saxena who pooled in Rs. 50 lakh as seed money for the venture. October 2007: Myntra had raised undisclosed amount of seed investment from Erasmic Venture Fund (Accel India Venture Fund II) and Mumbai Angels. November 2008: Myntra raised $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel India Venture Fund II. The company reported revenues of Rs 4-5 crores. It also claimed to have a client base of over 150 companies and over 50 colleges. June 2010: Myntra launched an online brand store solution for corporates called Brand Stores. It claimed to have deployed this solution for several corporate houses including Tech Mahindra, Cable & Wireless Worldwide, and EMC among others. March 2011: Myntra raised $14 million from Tiger Global and existing IDG Ventures and Indo-US Venture Partners (now Kalaari Capital). Following this investment, Myntra pivoted from being a personalized consumer products player to reposition itself as an online store for fashion and lifestyle products. Two of Myntra co-founders Raveen Sastry and Vineet Saxena also quit the company.…
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