Myntra targets Rs 500 cr revenue for next fiscal

10 Feb,2012

By A Correspondent

 

Myntra.com, the largest online retailer of fashion and lifestyle products inIndia, is aiming revenue of Rs500 crores in the financial year 2012-13. 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 inIndia.

 

Mr. 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 now reached a scale where we ship up to 10,000 products every day. We are planning to cross revenue of Rs500 crores in FY 2012-13, 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 inIndia.”

 

He added: “We have built the largest catalogue 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.

 

Myntra.com is among the Top 5 e-commerce companies with over 2,00,000 daily visitors to the site. The company has already reached out to 10,000 zip codes across the country and is constantly expanding its network to support the growing demand.

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