Indian E-commerce site Myntra.com raises $20 million from Tiger Global and others
on February 10th, 2012 
India’s e-commerce sector is booming. Amazon launched its new e-commerce portal Junglee.com in India, early this month; India’s e-commerce giant Flipkart.com has acquired online retailer Letsbuy.com to strengthen its position in the market; and now we hear that e-commerce site Myntra.com has raised $20 million in series C funding led by Tiger Global.
Myntra has raised $14 million in its second round of funding from Tiger Global, IDG Ventures and Indo-US Venture Partners. In November 2008, the company received $5 million in a series A funding from NEA-IndoUS Ventures, IDG Ventures and Accel Partners.
Founded in 2007 by a group of IIT/IIM graduates, Myntra started as an online retailer for customized gifts and merchandise such as T-shirts, mugs, greeting cards, calendars, key chains and diaries. The company repositioned itself as a retailer for fashion and lifestyle products, following huge consumer demand for such products.
The company has offices in Bangalore and New DelhiI, and currently employs 450 people. It claims to have 1.1 million registered users and 2,00,000 daily visitors.
“Myntra has undergone phenomenal growth in the past 12 months. We are planning to cross Rs 500 crore in revenues in FY12-13, which will further strengthen Myntra’s leadership position in the lifestyle category,” added Mukesh Bansal, co-founder and CEO of Myntra.
The company plans to use the new capital to grow its logistics services (the company already has its own logistics services) and expand into new categories.
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