Myntra.com, one of the largest online retailers of fashion and lifestyle products in India, is aiming revenues of Rs 500 crores in the 2012-13 financial year. The company which entered the lifestyle and fashion retailing segment in December 2010 has registered a ten-fold growth in 2011 and is growing fast in the e-commerce space in India.
Mukesh Bansal, Founder & CEO, Myntra said, “Myntra has undergone phenomenal growth in the last 12 months. We have been consistently doubling every 4 months and have now reached a scale where we ship up to 10,000 products every day. We are planning to cross revenue of Rs 500 crores in FY 12-13, which will further strengthen Myntra’s position in the lifestyle category. This is an exciting category with the total market size projected to be over $100 billion in 5 years with mid single digit portion being online, making this, possibly the largest online category in India.”
He further added, “We have built a large catalog in the fashion and lifestyle category with over 200 brands, have extensive supply-chain capabilities including world-class warehouses in multiple cities and our own logistics network in large cities. We will continue to invest aggressively in our technology platform, supply-chain and the Myntra brand to rapidly scale the business.”
The e-commerce company has received overall funding of $40 million through top-tier VCs like Tiger Global, IndoUS, IDG and Accel Partners.