Myntra is an Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India. The company was founded in 2007 to sell personalized gift items. By 2010, Myntra shifted to selling clothing.
In May 2014, Myntra.com was acquired by Flipkart.
Video Myntra
History
Established by Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena, 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.
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.
In 2014 Myntra merged with Indian e-commerce company Flipkart.com in an estimated deal of INR2,000 crore (US$310 million). The merger was influenced by two large common shareholders, Tiger Global and Accel Partners. Myntra functions and operates independently. 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.
In May 2015, Myntra moved on to app-only business model wherein customers can only make purchases on the site through smartphones. The move came after the site claimed that 95 percent of Internet traffic on their site came mobile and 70 percent sales were generated through smartphones. The move to app-only generated mixed reviews and saw 10% dip in sales initially. Also in 2015, Ananth Narayanan became the Chief Executive Officer of Myntra.
Iin February 2016, the company retracted its app-only model in an attempt to win back lost customers. The company said that the app-only strategy had backfired and Myntra would relaunch its website.
In September 2017, Myntra negotiated the rights to manage Esprit Holdings's 15 offline stores in India.
Maps Myntra
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. In February 2014, Myntra raised additional $50 Million (Rs.310 crore) funding from Premji Invest and few other Private Investors.
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.
In July 2016, Myntra acquired mobile-based content aggregation platform Cubeit, to strengthen and expand its technology team.
In July, 2016 Myntra acquired their rival Jabong.com to become India's largest fashion platform. In October 2017, Myntra partnered with Ministry of Textiles to promote handloom industry.
Regulatory action and lawsuits
The Enforcement Directorate are investigating Myntra for breach of Foreign Exchange Management Act.
In January 2016, Enforcement Directorate issued notice to Myntra's owner Flipkart.
Labor issues
In July 2015, Myntra and Flipkart's logistics staff went on a strike alleging lack of basic employee benefits and poor wages.
Allegations of promoting cow slaughter
Many shoes sold by Myntra are made from cowhide which is the natural skin and hair of a cow. This is also a byproduct of the cow slaughter industry. .
See also
- E-commerce in India
References
External links
- Official website
Source of article : Wikipedia
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