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Myntra – Company Profile

Myntra is a leading online store, offering a comprehensive range of fashion and lifestyle products. It allows shoppers to choose from a wide variety of national and international brands. Myntra sells everything from clothing to fashion accessories, footwear, watches, sunglasses, personal care and grooming items, sports and active wear, and bags and bagpacks. Myntra also sells home & living products such as bed linen, furnishing, home decor items, cookware, utensils, and lamps and lighting.

While there are other online fashion and lifestyle stores, many people prefer to shop at Myntra. One reason is that the company offers the latest in fashion and some of the most unique products. Myntra has also launched special programs such as ‘easy 30 day return & exchange’ and ‘try & buy’. These provide complete peace of mind to users and ensure that their anxieties about online shopping are completely eliminated.

History:

Myntra began its journey as a B2B player in 2007. During its initial years, the company focused primarily on selling on-demand personalized gift items. It became a hub for customers who wanted to get personalized items such as mugs, T-shirts, mouse pads, etc. From 2011, Myntra switched over to fashion and lifestyle products and discontinued its personalization business. In 2014, Myntra was acquired by Flipkart. The deal was valued at USD 280 million. However, Myntra continues to function as an independent company.

Funding:

Myntra has received investments worth USD 333.1 million via twelve rounds of funding. Some of the leading investors include Accel Partners, NEA-IndoUS Ventures, IDG Ventures, Tiger Global, and Premji Invest. Myntra has also received funding from some private investors.

Acquisitions:

To strengthen its business ecosystem, Myntra has made several acquisitions during the last decade. Some of these include Exclusively, Cubeit, HRX, Jabong, InLogg, 20Dresses, Blink, and Pretr Online Services.

Competitors:

Myntra competes with other fashion and lifestyle e-stores such as Snapdeal, Shopclues, Yepme, HomeShop18, Ajio, TataCliq, Koovs, Limeroad, and Abof.

About the Founders:

Myntra was founded by Mukesh Bansal, Ashutosh Lawania and Vineet Saxena. Mukesh is a computer science engineering graduate from IIT Kanpur. Prior to launching Myntra, he had worked with companies such as Deloitte, eWanted, Centrata, NexTag, and newScale. Mukesh currently works as the CEO of curefit, a company in which he is a co-founder.

Ashutosh Lawania is also an IITian and had been with Myntra till 2017. Prior to that, he had worked with Bytedge Solutions and several startups. He currently works with a digital health platform named ‘mfine’.

Co-founder Vineet Saxena has completed his mechanical engineering from IIT Kanpur. He was with Myntra from 2006 to 2011. He currently serves as the CEO of IndusDiva, in which he is a co-founder.

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