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Myntra Secures $50M Investment From Premji Invest & Others

Online fashion store Myntra has finally confirmed that it has raised $50 million (around Rs 300 crore) led by Azim Premji's Premji Invest along with new and existing investors. The company plans to use the investment raised to strengthen its technology, infrastructure and customer experience, for future growth initiatives and hiring. Including the current investment, Myntra has raised a total of $125 million investment across multiple rounds: a $25 million round late last year, a $21 million round in Feb 2012, a $14 million round in March 2011 and a $5 million round in November 2008. It had also raised an undisclosed seed amount from Accel Partners and Mumbai Angels in 2007. This announcement follows much speculation on whether Myntra was raising investment from PremjiInvest or considering a merger proposal with the e-commerce major Flipkart. Interestingly, a source-based Times Of India report today says Myntra is raising another $50 million investment shortly and has held talks with L Capital and US-based Sands Capital on this, while its sister publication The Economic Times cites sources to say Myntra is raising $40 million more and is in final talks with L Capital Asia and a few other investors on this. It also says investors now own 80% stake in the company with the remaining held by Myntra founders and senior management team. The TOI report says Premji Invest has invested $20 million of the total $50 million, while the remaining $30 million has been put in by Belgium-based Sofina and existing investors. Note that Sofina had also participated in Flipkart's latest investment round where…

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