Myntra.com Targets Rs 500 crores Revenue for the Next Fiscal
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.