Myntra is India’s favorite online fashion platform, founded by Mukesh Bansal along with co-founders Vineet Saxena, and Ashutosh Lawania. Myntra started in 2007 intending to sell personalized gift items. Myntra started selling clothing and fashion in 2011 and by 2012 had over 300 Indian and international brands listed on its website. Needless to say, Myntra never looked back and kept growing to become the fashion giant it is today, with several successful mergers and acquisitions under its belt.
Myntras investors
A high number of VC firms have invested in Myntra and it’s not difficult to see why, as it has grown to become a fashion giant!
Here are a few of the investors that put their money in the right place (myntra).
- Flipkart
- Accel Partners
- New Enterprise Associates
- Tiger Global Management
- Sofina
- Kalaari Capital
- IDG Ventures India
- PremjiInvest
All of these VCSs who invested in Myntra;-
How did Myntra become successful?
Myntra makes money through an aggregator model. Myntra’s major business strategy is to purchase the most recent products and sell them to clients. Purchasing current season products from several well-known and reputable companies and making the product/item available on the company’s website. Myntra’s primary source of revenue is commission. To generate revenue and grow sales, Myntra uses the B2C (business to customer) revenue model.
Myntra catered to the Indian mindset of looking at all your options before buying something by providing thousands of options. Not only did they provide options but also made sure they were branded and good quality items at great prices, all the while retaining their customers.
Myntras acquisition and mergers
Fitiquette
Fitiquette is the world’s first virtual dressing room platform that enables online shoppers to virtually try before they buy. The technology used in Fitiquette shows virtual mannequins based on the body types of the users.
Roadster
Roadster is an outdoor lifestyle brand established in 2012 and is one of the major brands for Myntra sales. Roadster is the biggest moneymaker for Myntra.
Pretr Online Services Pvt. Ltd.
Pretr Online Services Pvt. Ltd. is the country’s first end-to-end omnichannel retail platform. Bhavik Jhaveri and Ankur Joshi, two IT executives, founded Pretr (prettier) in 2016.
Jabong
Jabong was acquired by Flipkart in July 2016 through its e-commerce unit Myntra for $70 million. Flipkart formally shut down Jabong in February 2020 to shift focus completely to its premium clothing platform, Myntra.
Witworks Consumer Technologies Pvt. Ltd.
Witworks Consumer Technologies Pvt. Ltd. is an Indian consumer technology firm that serves consumers all over the country. Witworks, a wearable gadget manufacturer, is looking to expand its technological team. Wearable goods from the business include connected smartwatches, smart shoes, and intelligent apparel with biosensors.
HRX by Hrithik Roshan
HRX is a 5-year-old brand and platform founded on the idea of never giving up. HRX is India’s first celebrity brand, founded by Hrithik Roshan, who also serves as the company’s brand ambassador.
Myntra’s other acquisitions also include Native5, Cubeit, and InLogg in 2015, 2016, and 2017 respectively.
Conclusion
Myntra is one of the fastest-growing fashion e-commerce companies in India and is not showing any signs of slowing down soon. Myntra has made shopping bliss for those who want to be carefree about quality by choosing only to list premium-quality products on their platform. It has harnessed the online shopping stream that started in India at the correct time and acquired ventures to become the giant it is.
FAQ
Myntra is owned by which company?
Myntra is owned by Flipkart. Flipkart is Myntra’s parent company.
Does Myntra sell fake products?
No, Myntra does not sell any counterfeit goods. Myntra is a goods aggregator and retailer. Consider a little reduced product quality from one of the main brands to be solely the brand’s product.
Is Myntra good for clothes?
If you are the type who wants to explore more before buying, then Myntra is the best option for you. Myntra has a huge variety of brands.
Is Myntra Indian?
Yes, Myntra is an Indian company.
In conclusion, myntra is and will visibly continue to be one of the fastest-growing e-fashion brands in the country. While it will not only fuel its growth with quality products and customer acquisition but also by mergers and acquisitions throughout the industry. What makes myntra this loved is its passion for quality and fair pricing for its customers along with the latest fashion trends. And it’s not showing any signs of slowing down any time soon…..