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Myntra Raises $21M From Tiger Global & Others; Customer Base, Transactions & More

Apparel, footwear and accessories focused ecommerce venture, Myntra.com has raised $21 million, in a fresh funding round led by Tiger Global. The news of the funding was first reported by Pluggd.in. According to Mukesh Bansal, CEO of Myntra, the company intends to use the funding to invest further in its technology platform, for improving the brand, and to invest in supply chain to build capacity for future growth. He said that the company is also expanding its team and hiring across the board. With this funding round, the company has raised a total of $40 million since its inception, from investors such as Tiger Global, IndoUS, IDG and Accel Partners. Traffic, customer base and Avg transaction size: In terms of traffic, the site claims to receive about 200,000 daily visitors, and a user base of 2 million customers. On sales conversion, i.e the number of visitors who actually convert into shoppers, Bansal told MediaNama that it was roughly in mid-single digit ranging between 3%-4%. He did not comment on the cart to order conversion percentage but informed that the average cart size in terms of value is Rs 1400 and majority of transactions were between Rs 500 to Rs 3000. However when we asked the number of monthly orders, Bansal said that it was close to 80,000 to 90,000, with half of the orders being placed by new and the other half by repeat customers. Sales across geographies:Bansal informs that about 50% of all orders are from top-10 cities while the rest are…

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