What is Myntra.com? Myntra.com Review, Features

Myntra.com is an Indian online shopping retailer that sells fashion and lifestyle products. The company is headquartered in Bangalore, Karnataka. Myntra was co-founded by Mukesh Bansal, Ashutosh Lawania, Imran Khan and Vineet Saxena in February 2007. On May 22, 2014, Flipkart acquired Myntra for US$300 million.

Platform Development

Myntra has a strong system and architecture, and has captured the majority of the Indian e-commerce market by adopting a fashion portal plus fashion retail approach.

From 2007 to December 2010, the company mainly sold personalized products online. Its products include: T-shirts, mugs, greeting cards, calendars, key chains, diaries, etc. In 2010, the company's product categories covered retail fashion and daily necessities.

By 2012, Myntra offered products from 350 Indian and international brands. The site launched branded Fastrack watches. In 2014, Myntra's product portfolio included about 150,000 products from more than 1,000 brands.

In May 2015, Myntra shut down their PC website and began to shift to an application business model, where customers can only shop on the website through smartphones. As for the reason for shutting down the web version of the website, Flipkart and Myntra issued a statement saying that only through mobile apps can users provide personalized services and social shopping experience.

In February 2016, the company retracted its app model in an attempt to win back lost customers.

In 2018, Myntra acquired Pretr, a comprehensive retail platform based in Mumbai, India, to promote its brand acceleration project. Myntra Jabong said that the company hopes to reduce its dependence on other brands, so it hopes to actively promote its brand acceleration project by innovating its own brands. The acquisition of Pretr will help Myntra establish a new omni-channel with brands on its platform and establish partnerships, providing retailers with comprehensive solutions and further enhancing Myntra's omni-channel journey.

Financing

- In October 2007, Myntra received venture capital funding from Accel Partners (formerly Erasmic Venture Capital Fund), Bombay Angels and another angel investor Sasha Chadani.

-In November 2008, the company raised $5 million in venture capital funding from NEA-IndoUS Ventures, IDG Ventures and Accel Partners.

-The company raised $14 million in second round venture capital funding from Tiger Global, IDG Venture Capital and Indo-American Venture Capital.

-At the end of 2011, Myntra raised $20 million in third round of venture capital funding from Tiger Global.

-In February 2014, the company raised $50 million in venture capital funding from Premji Ventures and other private investors.

-In March 2018, Myntra announced the completion of a $176 million private equity round from Singapore-based FK Myntra Holding Private Limited.

Acquisition Events

-In July 2011, Myntra launched its first television advertising brand campaign.

-In 2013, Myntra acquired Fitiquette, a San Francisco-based developer of virtual fitting room technology.

- In November 2013, Bollywood star Hrithik Roshan launched his lifestyle apparel and casual wear brand HRX exclusively on online shopping portal Myntra.

-On May 22, 2014, Flipkart acquired Myntra for $300 million.

-In April 2015, Myntra acquired Native5, a Bangalore-based mobile application development platform company, to strengthen and expand Myntra's mobile technology team.

-In July 2016, Myntra acquired mobile-based content aggregation platform Cubeit to strengthen and expand its technology team.

-In July 2016, Myntra acquired its competitor Jabong to become the largest fashion platform in India.

-In 2018, Myntra acquired Pretr, a comprehensive retail platform based in Mumbai, India.