Myntra.com targets 500 crores revenue for next fiscal

VARINDIA- INDIA'S FRONTLINE IT MAGAZINE

Myntra.com is aiming revenue of Rs. 500 crores in the financial year 2012- 2013. The company which entered the lifestyle and fashion retailing segment in December 2010 has registered a 10 fold growth in 2011 and is relatively, the fastest growing company in the e-commerce space in India.

Mukesh Bansal, Founder & CEO said, "Myntra has undergone phenomenal growth in the last 12 months and has emerged as the clear leader in Fashion/Lifestyle space. 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 leadership 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 the largest catalog in fashion & lifestyle category with over 200 brands, have very extensive supply-chain capabilities including world-class warehouse 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 scaling the business."

The e-commerce company has received overall funding of $40 million through top-tier Venture Capitalists like Tiger Global, IndoUS, IDG&Accel Partners.


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