Myntra is an Indian fashion e-commerce company based in Bengaluru, Karnataka. It was founded in 2007-2008 and initially focused on selling personalized gift items. In May 2014, Flipkart acquired Myntra.
In May 2022, Myntra introduced an express delivery service on its app, providing a unique shopping experience for fashion and beauty products. This service allows customers to receive their orders for items marked with the ‘M-express tag’ within 24–48 hours of purchase.
| Company Name | Myntra |
| Founders | Mukesh Bansal, Vineet Saxena, Ashutosh Lawania |
| CEO (Current 2024) | Nandita Sinha |
| Parent Company | flipkart |
| Founded Year | 2007 |
| Headquarters | Bangalore, Karnataka, India |
| Services | Online shopping |
| Official Website | www.myntra.com |
History Of Myntra
Myntra was established by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena. Initially, the company focused on selling personalized gift items, operating mainly on a B2B (business-to-business) model. From 2007 to 2010, customers could personalize products like T-shirts, mugs, and mouse pads through the site.
In 2011, Myntra shifted its focus to fashion and lifestyle products, moving away from personalization. By 2012, Myntra offered products from 350 Indian and international brands, including launching brands like Fastrack Watches and Being Human.
In 2014, Flipkart acquired Myntra in a deal worth ₹2,000 crore (about $240 million). The acquisition was driven by the influence of two major common shareholders, Tiger Global and Accel Partners. Despite the acquisition, Myntra continues to operate independently under Flipkart, focusing on fashion-conscious consumers.
By 2014, Myntra’s portfolio included around 1,50,000 products from over 1,000 brands, reaching approximately 9,000 pincodes across India. In 2015, Ananth Narayanan became the CEO of Myntra.
On 10 May 2015, Myntra announced that it would shut down its website and serve customers exclusively through its mobile app starting 15 May. This decision was based on the fact that 95% of its website traffic came from mobile devices, and 70% of its purchases were made on smartphones. However, the move received mixed reactions and led to a 10% decline in sales. In February 2016, Myntra acknowledged the shortcomings of the “app-only” model and decided to revive its website.
In September 2017, Myntra secured the rights to manage Esprit Holdings’ 15 offline stores in India. However, the company reported a net loss of ₹151.20 crore for the financial year 2017–2018.
In January 2021, Myntra changed its logo after a police complaint was filed, claiming that the logo resembled a naked woman. The complaint was lodged by Naaz Patel, who runs an NGO called Avesta Foundation.
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Myntra Funding and Revenue
In October 2007, Myntra received its first round of funding from Erasmic Venture Fund (now Accel Partners), Sasha Mirchandani from Mumbai Angels, and a few other investors. In November 2008, Myntra raised nearly $5 million from NEA-IndoUS Ventures, IDG Ventures, and Accel Partners. Later, Myntra raised $14 million in a Series B funding round, led by the private equity firm Tiger Global, with existing investors IDG Ventures and Indo-US Venture Partners also contributing a significant amount. Towards the end of 2011, Myntra secured $20 million in its third round of funding, again led by Tiger Global. In February 2014, Myntra raised an additional $50 million (₹310 crore) from Premji Invest and other private investors.
In April 2015, Myntra acquired Native5, a Bengaluru-based mobile app development platform, to strengthen and expand its mobile technology team.
In July 2016, Myntra acquired Cubeit, a mobile-based content aggregation platform, to further enhance its technology team. That same month, Myntra also acquired its rival, Jabong.com, making it India’s largest fashion platform.
In October 2017, Myntra partnered with the Ministry of Textiles to promote the handloom industry.
In April 2017, the company acquired InLogg, a Bengaluru-based technology platform for the e-commerce sector.
In April 2018, Myntra acquired Witworks, a Bengaluru-based start-up that manufactures wearable devices, to bolster its technology team.
In August 2018, Myntra acquired Pretr Online Services Pvt. Ltd., a Mumbai-based start-up that offers an end-to-end omnichannel platform for retail.
Myntra in 2024
As of 2024, Myntra continues to be a leading fashion e-commerce platform in India, operating under the ownership of Flipkart. The company has maintained its focus on fashion-conscious consumers and has expanded its offerings to include a wide range of fashion and lifestyle products from numerous brands. Myntra has also continued to innovate in areas like express delivery services and customer experience through its mobile app, which remains a key channel for its business.
In 2024, Myntra has further strengthened its technology and logistics capabilities through various acquisitions and investments. The company has remained competitive in India’s rapidly growing e-commerce market, consistently enhancing its platform to meet consumer demands. Myntra’s commitment to integrating technology into fashion retail, such as through personalized shopping experiences and sustainability initiatives, continues to be a significant part of its strategy.
Overall, Myntra has maintained its position as a top destination for online fashion shopping in India, continually adapting to industry trends and customer preferences.
FAQs
1)Who is CEO of Myntra?
Ans:-Nandita Sinha is CEO Of Myntra in 2024
2)How Founded Myntra?
Ans:- Mukesh Bansal, Vineet Saxena, Ashutosh Lawania
3)When Myntra was started?
Ans:- In 2007
4)Who Acquired Myntra
Ans:- Flipkart acquired Myntra
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