Myntra

Myntra
Type of business Private
Type of site
 E-commerce
(Online shopping)
Available in English
Area served India
Founder(s)

Mukesh Bansal
Vineet Saxena
Ashutosh Lawania

Abinash Mallick Biki
CEO Ananth Narayanan
Parent Flipkart
Subsidiaries Jabong.com, Fitiquette
Website www.myntra.com
Alexa rank Decrease1,267 (June 2018)[1]
Commercial Yes
Registration Required
Launched 2007
Current status Online

Myntra is an Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India. The company was founded in 2007 to sell personalized gift items. .[2][3][4][5]

In May 2014, Myntra.com was acquired by Flipkart.[6][7][8][9]

History

Established by Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena, also abinash mallick Myntra sold on-demand personalized gift items. It mainly operated on the B2B (business-to-business) model during its initial years. Between 2007 and 2010, the site allowed customers to personalize products such as T-shirts, mugs, mouse pads, and others.[10]

In 2011, Myntra began selling fashion and lifestyle products and moved away from personalisation. By 2012 Myntra offered products from 350 Indian and International brands. The website launched the brands Fastrack Watches and Being Human.[11]

In 2014 Myntra was acquired by Flipkart in a deal valued at ₹2,000 crore (US$280 million). The purchase was influenced by two large common shareholders, Tiger Global and Accel Partners.[9] Myntra functions and operates independently.[12] Myntra continues to operate as a standalone brand under Flipkart ownership, focusing primarily on "fashion-conscious" consumers.[13]

In 2014, Myntra's portfolio included about 1,50,000 products of over 1000 brands, with a distribution area of around 9000 pincodes in India.[14] In 2015, Ananth Narayanan became the Chief Executive Officer of Myntra.[15]

On 10 May 2015, Myntra announced that it would shut down its website, and serve customers exclusively through its mobile app beginning 15 May. The service had already discontinued its mobile website in favour of the app.[16] Myntra justified its decision by stating that 95% of traffic on its website came via mobile devices, and that 70% of its purchases were performed on smartphones. The move received mixed reception, and resulted in a 10% decline in sales.[17][18] In February 2016, acknowledging the failure of the "app-only" model, Myntra announced that it would revive its website.[19]

In September 2017, Myntra negotiated the rights to manage Esprit Holdings's 15 offline stores in India.[20][21]

Acquisitions and investments

In October 2007, Myntra received its initial funding from Erasmic Venture Fund now known as Accel Partners, Sasha Mirchandani from Mumbai Angels and a few other investors. In November 2008, Myntra raised almost $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. Myntra raised $14 million in a Series B round of funding. This round of investment was led by Tiger Global, a private equity firm; the existing investors IDG Ventures and Indo-US Venture Partners also put in substantial amount towards funding Myntra. Towards the end of 2011, Myntra.com raised $20 million in its third round of funding, again led by Tiger Global.[22][23] In February 2014, Myntra raised additional $50 Million (Rs.310 crore) funding from Premji Invest and few other Private Investors.[24]

In April 2015, Myntra acquired Bengaluru-based mobile app development platform company Native5, with a view to strengthen and expand Myntra’s mobile technology team.[25]

In July 2016, Myntra acquired mobile-based content aggregation platform Cubeit, to strengthen and expand its technology team.[26]

In July, 2016 Myntra acquired their rival Jabong.com to become India’s largest fashion platform.[27] In October 2017, Myntra partnered with Ministry of Textiles to promote handloom industry.[28][29]. In April 2018, Myntra acquired consumer IoT wearables startup Witworks.[30]

Regulatory action and lawsuits

The Enforcement Directorate are investigating Myntra for breach of Foreign Exchange Management Act.[31]

In January 2016, Enforcement Directorate issued notice to Myntra's owner Flipkart.[32]

Labor issues

In June 2016, Myntra's logistics staff went on a strike alleging lack of basic employee benefits and poor wages.[33]

See also

References

  1. ↑ "Myntra.com Site Info". Alexa Internet. Retrieved 2016-07-16.
  2. ↑ Saloni Surti, May 22nd, 2014 (2014-05-22). "Flipkart-Myntra: Consolidation the only way to survive the Indian e-commerce industry?". indianmediabook.com.
  3. ↑ Amit Bapna, ET Bureau Jul 11, 2011, 07.13pm IST (2011-07-11). "Overall Lifestyle category will cross $1000 billion in India: Mukesh Bansal Founder-CEO, Myntra.com - Economic Times". Articles.economictimes.indiatimes.com. Retrieved 2012-06-17.
  4. ↑ "Business / Companies : Myntra.com to expand operations". The Hindu. 2011-09-07. Retrieved 2012-06-17.
  5. ↑ Anupam Saxena (2011-03-14). "Updated: Myntra Gets $14M In Second Round Funding". MediaNama. Retrieved 2012-06-17.
  6. ↑ ET Bureau, May 23rd, 2014,02.15AM IST (2014-05-23). "Flipkart acquires Myntra, gears up to take on Amazon". economictimes.indiatimes.com.
  7. ↑ Flipkart Acquires Myntra in Indias Biggest E-Commerce Deal - NDTVProfit.com. Profit.ndtv.com. Retrieved on 2014-05-23.
  8. ↑ "Flipkart acquires E-Tailer Myntra.Com in an around $300 Mn Deal". IANS. news.biharprabha.com. Retrieved 22 May 2014.
  9. 1 2 "Flipkart, Myntra merge in Rs 2,000 crore deal". The Times of India. Bangalore. 23 May 2014. Retrieved 21 May 2015.
  10. ↑ Amy Kazmin (15 May 2015). "Myntra spearheads India's move away from desktop browsing". Financial Times. New Delhi. Retrieved 21 May 2015.
  11. ↑ Hari Bhushan. "History of Myntra". scribd.com.
  12. ↑ "Myntra enters new spaces post merger with Flipkart". moneycontrol.com.
  13. ↑ Sen, Anirban (2018-01-09). "Flipkart fashion business catches up with Myntra". Livemint. Retrieved 2018-05-13.
  14. ↑ "Myntra Brand Portfolio".
  15. ↑ Myntra appoints Ananth Narayanan as chief executive - The Economic Times
  16. ↑ "Myntra to Shut Down Website, Go App-Only on May 15". NDTV Gadgets360.com. Retrieved 2018-05-13.
  17. ↑ Karrishma Modhy (20 May 2015). "Will Myntra's move away from desktop cause its downfall? apart from this they have a strong appeal amongst smartphone users with this new approach". Tech.firstpost.com/. FirstPost. Retrieved 21 May 2015.
  18. ↑ Besta Shankar (21 May 2015). "Myntra Sees 10% Drop in Sales After Moving to App-only Format". International Business Times. Retrieved 21 May 2015.
  19. ↑ "Myntra no longer app only, brings back mobile site to woo customers". The Economic Times. Retrieved 2016-02-16.
  20. ↑ "Myntra to manage Esprit in India, curate 15 retail stores". The Economic Times. 2017-09-28. Retrieved 2017-10-12.
  21. ↑ Sen, Anirban (2017-09-29). "Myntra wins rights to manage Esprit stores in India". livemint.com/. Retrieved 2017-10-12.
  22. ↑ sushma.un (2012-09-02). "Fashion retailer Myntra.com raises $60 m in third round of funding". thehindubusinessline.com.
  23. ↑ Irfan Khan (2012-09-02). "Myntra.com Raises $20Mn In Third Round Of Funding". Private Equity.
  24. ↑ IANS, 06:17 PM IST. "E-tailer Myntra.com raises 310 Crores from Ajim Premji and other Investors". news.biharprabha.com.
  25. ↑ "Myntra acquires Bengaluru-based Native5". The Hindu. 7 May 2015.
  26. ↑ "Myntra acqui-hires content aggregation platform Cubeit". VCCircle. 11 July 2016. Retrieved 16 July 2016.
  27. ↑ "Flipkart's Myntra acquires Jabong". 26 July 2016. Retrieved 26 July 2016.
  28. ↑ "Myntra partners Textiles Ministry to promote handloom industry". Moneycontrol. Retrieved 2017-10-18.
  29. ↑ Bureau, BW Online. "Myntra Associates with Ministry of Textiles to Support Weavers and Promote the Handloom Industry". BW Disrupt. Retrieved 2017-10-18.
  30. ↑ "Myntra Acquires Consumer IoT Startup Blink (Previously WitWorks)". 17 April 2018. Retrieved 17 April 2018.
  31. ↑ www.ETTelecom.com. "After Flikpart, online retailer Myntra under ED lens for FEMA breach | ET Telecom". ETTelecom.com. Retrieved 2016-03-02.
  32. ↑ "Enforcement Directorates probe on e-comm cos gathers steam". www.moneycontrol.com. Retrieved 2016-03-02.
  33. ↑ "We have no loos, basic facilities, complain Flipkart delivery boys - Times of India". The Times of India. Retrieved 2016-03-02.
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