As we reported on January 31, Indian fashion portal Myntra has just confirmed raising $50 million in fresh funding from investors led by Premji Invest.
The new funding comes after Myntra preferred to invest in its own growth and did not pursue a merger offer from India’s biggest e-commerce company Flipkart.
“We are confident of achieving $1 billion GMV (Gross Merchandise Value) by 2016 and will be by far the largest fashion destination in India,” said Mukesh Bansal, co-founder and CEO of Myntra.
The startup said there’s enough and more opportunities to grow in India’s $3.1 Billion e-commerce market (excluding online travel), which is expected to reach $22 billion in five years, according to a CLSA report.
“We have been growing steadily, increasing our product offerings and attracting new users from different corners of the country. This round of funding will allow us to scale up, attract and retain superior talent, ramp up our technology infrastructure and strengthen the Myntra brand,” Bansal added in a statement.
Since its launch in 2007, Myntra has raised close to $75 million from investors, including Accel Partners and Tiger Global.
As TechCrunch’s Ingrid Lunden wrote in January, Myntra now has the funds to continue to invest in its business for the next stage of growth as a standalone company. The company is on track to have gross merchandise value — the total value of goods sold via Myntra’s portal — of $100 million for the current fiscal year. But it has been growing at a rapid rate. In April 2013 the rate was 100% every six months, and Myntra believes that GMV will be $1 billion by 2016.
As a point of comparison, Flipkart is projecting a GMV of $1 billion by 2015.
We will be updating this post with details of Myntra’s latest funding and comments from other investors.