wordpress blog stats
Connect with us

Hi, what are you looking for?

Myntra Raises $5 Million From NEA-IUV, IDG Ventures and Accel


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.

Advertisement. Scroll to continue reading.

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

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

News

By Stella Joseph, Prakhil Mishra, and Yash Desai The Government of India circulated proposed amendments to the Consumer Protection (E-Commerce) Rules, 2020 (“E-Commerce Rules”) which...

You May Also Like

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ