Myntra has appointed Dipanjan Basu as its chief financial officer. Basu will join the company from 17th October and look at the company’s finance division. Prior to this, Basu worked as the VP of finance and HR at Wipro Digital for 1.5 years, lead of FP&A (Financial planning and analysis) and corporate finance for 5 years and business head of finance for 5 months, all at Wipro. He’s also worked with Quatrro as AVP and senior manager of finance at Wipro for 8 years collectively.
Myntra recently hired Manpreet Ratia to head HR and new initiatives.
In March, Flipkart invested Rs 338 crore (~$50.44 million) in Myntra. The company is currently targeting operating profitability by March next year, with plans to increase sales of higher-priced products and charging for certain deliveries. Myntra relaunched its desktop website in June, a little over a year after it shut it down in May last year. The company expects a 15-20% jump in sales in the current financial year.
For the year ended 31 March 2015, Myntra’s reported revenues of Rs 758 crore, up 77%, from Rs 427.26 crore last year, according to registrar of companies data. Losses, however, almost tripled to Rs.1,126.60 crore in fiscal 2015 from Rs.386.10 crore the previous year.
– In July, Myntra acqui-hired content aggregation startup Cubeit for an undisclosed amount. Executives from Cubeit joined Myntra’s technology team. This was Myntra’s fourth acquisition.
– It had previously bought mobile application development platform Native5 which offered a cloud-based platform for development and distribution of mobile apps across smartphones, tablets and desktops in May 2015.
– Myntra acquired San Francisco based virtual fitting room startup Fitiquette for an undisclosed amount in April 2013.
– Myntra acquired Exclusively.in, the parent company of the global private label online brand Sher Singh, in November 2012. However, it sold back its entire stake in the company to founder Sunjay Guleria in 2013, after which Snapdeal bought it.