Myntra.com

Myntra.com is an Indian online shopping retailer focused on fashion and casual lifestyle products, and headquartered in Bangalore. It is among the top e-commerce companies in India ^[1] and is scaling rapidly. ^{[2] [3]}

History

Myntra was established by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena in Februrary 2007. All three are IIT alumni, and have worked for several start-ups ^[4]before starting their own company.

Myntra is headquartered in Bangalore and has been funded by top tier Venture Capital funds like IndoUS, IDG & Accel Partners.^[5]

The company started off in the business of personalization of products, and soon expanded to set up regional offices in New Delhi, Mumbai and Chennai. It began its operations in the B2B (business to business) segment with the personalization of gifts, which included T-shirts, mugs and caps to name a few. However, in 2010, the company shifted its strategy to becoming a B2C (business to customer) oriented firm, expanding its catalogue to fashion and lifestyle products.

Personalization

From 2007 to December 2010, Myntra.com was in the business of online demand personalization. ^[6]The products ranged from T-shirts, mugs, greeting cards, calendars, key chains, diaries, wine glasses, coasters and many such products with photographs, one-liners and slogans.

In three years, Myntra became India’s largest on-demand personalization platform for products and gifts with over a 50% market share ^[7]

New business focus and products

Myntra has tied up with top fashion and lifestyle brands in India, such as Nike, Reebok, Puma, Adidas, Asics, Lee, Lotto, Decathlon, FIFA, John Miller, Indigo Nation etc. to offer a wide range of current season merchandise from these brands ^[8]

Myntra pioneered the personalisation of sports jerseys ^[9] and today offers sports jerseys of several cricket and football teams such as Team India, IPL, FIFA and EPL. These jerseys can be personalised with a name and number of the customer’s choice.

Myntra currently offers 5,000 products from more than 70 Indian and international brands. ^[10] These include shoes for running, tennis, football, basketball and fitness, along with casual footwear from world-renowned industry leaders like Nike, Puma, Converse, Adidas, Decathlon, Reebok, Lee Cooper, Numero Uno, Skechers, Crocks, Asics, Fila, Lotto, ID and many more. There are also casual and dress footwear for women from Catwalk, Carlton London and Red Tape to name a few.

Myntra also stocks T-shirts for men and women from popular brands like Jealous 21, Forever New, Classic Polo, Inkfruit, Lee, Nike, Probase, Puma, Adidas, Reebok, Ed Hardy, Decathlon, Lotto, Ediots, Mr. Men, Tantra and Guerilla. The website has also launched Being Human and Fastrack watches. ^{[11] [12] [13] [14]}

Business model

Myntra.com is an aggregator of many brands. It’s business model is based on procuring current season merchandise from various brands and making them available on the portal at the same time as in respective retail brand outlets. All these products are offered to customers on MRP. ^[15]

Fundings

In October 2007, Myntra received a seed funding from Accel Partners (formerly Erasmic Venture Fund), Sasha Mirchandani from Mumbai Angels and another angel investor. In November 2008, Myntra raised with it’s A funding of $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. ^[16]

In the second round of funding led by Tiger Global and participated by existing investors IDG Ventures and Indo-US Venture Partners, Myntra raised $14 million.

Management

Headed by CEO Mukesh Bansal, Myntra’s core team includes

1. Ashutosh Lawania (co-founder)
2. Sanjay Ramakrishnan (Marketing)
3. Deepak Menon (Product)
4. Sachin Arora (Engineering)
5. Pooja Gupta (HR)
6. Prabhakar Sunder (Finance)

Marketing

Myntra recently launched a brand campaign with its first TVC. The commercial 'juxtaposes new-age fashion with old-world grit' and positions the brand as 'the fashionable new age'. ^{[17] [18] [19] [20]}

Awards

Myntra.com was announced as a winner of the Red Herring Global 100 award. Red Herring announced its Global 100 awards in recognition of leading private companies from North America, Europe, and Asia, celebrating these startups' innovations and technologies across their respective industries. ^[21]

Customer Service

Myntra offers 24X7 customer support. The customer support team can be reached at [phone] ^[22]

Social Media

Social networking websites Facebook and Twitter have effectively helped Myntra expand its customer base ^{[23] [24]}

With more than a 5-lakh fan following on Facebook, more than 5% of the revenue effectively generated from leads via social networks.

Distribution

Myntra has an employee strength of 200 and a registered customer base of over 500,000 spread across 9,000 towns and cities in India. Products are delivered free of cost in India for orders above Rs.99. Myntra also ships to 40 countries across the world. ^[25]

Payment options

Myntra offers multiple payment options like credit card, debit cards, net banking and cash on delivery.

Quick facts

1. Type: E-commerce
2. Industry: Online Shopping - Fashion
3. Founded: 2007
4. Founders: Mukesh Bansal, Ashutosh Lawania, Vineet Saxena
5. Headquarters: Bangalore
6. Area Served: India
7. Products: Fashion and Lifestyle
8. Revenue:
9. Employees: 200
10. Website: www.myntra.com

References

1. ^ http://articles.economictimes.indiatimes.com/2011-07-11/news/29761379_1_international-brands-category-brand-campaign
2. ^ http://www.thehindu.com/business/companies/article2433066.ece
3. ^ http://www.medianama.com/2011/03/223-myntra-gets-14m-in-second-round-funding/
4. ^ Myntra.com website reference - http://www.myntra.com/aboutus.php
5. ^ Myntra.com website reference - http://www.myntra.com/aboutus.php
6. ^ http://businesstoday.intoday.in/story/e-commerce-myntra-aims-to-dominate-fashion-merchandising/1/15058.html
7. ^ http://www.business-standard.com/india/news/dressed-totee/413537/
8. ^ http://www.warc.com/LatestNews/News/Indian_ecommerce_lures_brands.news?ID=28233
9. ^ http://www.afaqs.com/news/company_briefs/index.html?id=44701_Myntra.com+clicks+into+T20+as+Official+merchandise+partner
10. ^ http://www.myntra.com
11. ^ Myntra.com website reference http://www.myntra.com
12. ^ http://www.thisweekbangalore.com/?p=2102
13. ^ http://www.lifestyleblogindia.com/2011/06/being-human-watches-on-myntra-com/
14. ^ http://www.sify.com/news/being-human-watches-on-myntra-com-news-fashion-lgrvq2afaad.html
15. ^ http://www.alootechie.com/interviews/real-growth-ecommerce-india-will-come-tier-i-tier-ii-cities-mukesh-bansal-founder-ceo-myn
16. ^ http://www.pluggd.in/funding/myntra-raises-5mn-from-nea-iuv-idg-ventures-and-accel-3027/
17. ^ http://www.afaqs.com/community/blog/index.html?blogID=130_Building+e-commerce+brands+the+FMCG+way
18. ^ http://www.imediaconnection.in/article/284/Advertising/a-fashionable-new-age-myntracom-launches-its-first-tvc.html
19. ^ http://www.southdreamz.com/2011/09/online-fashion-lifestyle-category.html
20. ^ http://brandalyzer.wordpress.com/2011/08/20/myntra-com/
21. ^ http://www.redherring.com/RHA/2010/finalists.html
22. ^ Myntra.com website reference - http://www.myntra.com/contact_us.php
23. ^ http://www.exchange4media.com/e4m/izone1/izone_fullstory.asp?Section_id=4&News_id=42049&Tag=34543
24. ^ http://www.facebook.com/myntra
25. ^ http://www.vccircle.com/500/news/myntra-raises-14m-from-tiger-global-to-follow-broad-e-com-strategy

External links

• Myntra, website