wordpress blog stats
Connect with us

Hi, what are you looking for?

Myntra Revenues At Rs. 4-5 Crores; Break Even By End FY10

I just spoke to Mukesh Bansal, CEO of Myntra, who told me that the company intends to expand first to Mumbai, Pune, Hyderabad and Chennai. They currently have offices in Bangalore and Noida, and will be setting up mostly sales and marketing offices in a new city every 3-6 months. They’re in expansion mode for 2 years, and expect this round of funding to take them to break even by the next financial year, and last them around 2.5 years. Myntra also intends to expand their team from a current size of 50 people to 100 by June 2008.

I was wondering why they’d need to expand offline – ideally, an online merchandising business should be operating primarily online, with a small team, and leveraging distribution. Bansal said that they don’t look at it at just an online business – there’s a fair amount of supply chain management, which needs to be automated and scaled. Myntra works with over 20 vendors, and will also have to invest in setting up their own operations for new products that they intend to bring into the market – including sports and fashion accessories.

Myntra currently claims to have a client base of over 150 companies and over 50 colleges. Their business has two segments – Individuals, which account for 1/3rd of the revenues (and affiliates and parters account for 1/3rd of that), and Institutions, which account for 2/3rd. A few months ago, they crossed around $1 million (Rs. 4-5 crores), and are growing 10-30 percent every month. The raw material costs are high, so I asked Bansal about their EBITDA margins – he declined to comment, but said their gross margins range from 25-60 percent, depending on the product.

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

Advertisement. Scroll to continue reading.
Written By

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

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

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...

You May Also Like

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

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...

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