Type of site | E-Commerce |
---|---|
Available in | English |
Founded | 2007 |
Area served | India |
Founder(s) | Mukesh Bansal, Vineet Saxena, Ashutosh Lawania |
CEO | Nandita Sinha |
Parent | Flipkart |
Subsidiaries | Fitiquette, Roadster |
URL | www |
Commercial | Yes |
Registration | Required |
Current status | Active |
Myntra is a major Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India. [1] The company was founded in 2007-2008 to sell personalized gift items. [2] [3] [4] [5] In May 2014, Myntra.com was acquired by Flipkart. [6] [7] [8] [9]
In May 2022, Myntra launched an express delivery service on its app to offer one of a kind of experience by fashion & beauty platform. This service allow shoppers to receive their orders for products marked with ‘M-express tag’ on the listing page within 24–48 hours of purchase. [10]
Established by Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena; Myntra sold on-demand personalized gift items. It mainly operated on the B2B (business-to-business) model during its initial years. Between 2007 and 2010, the site allowed customers to personalize products such as T-shirts, mugs, mouse pads, and others. [11]
In 2011, Myntra began selling fashion and lifestyle products and moved away from personalisation. By 2012 Myntra offered products from 350 Indian and International brands. The website launched the brands Fastrack Watches and Being Human. [12]
In 2014, Myntra was acquired by Flipkart in a deal valued at ₹2,000 crore (US$250 million). The purchase was influenced by two large common shareholders Tiger Global and Accel Partners. [9] Myntra functions and operates independently. [13] Myntra continues to operate as a standalone brand under Flipkart ownership, focusing primarily on "fashion-conscious" consumers. [14]
In 2014, Myntra's portfolio included about 1,50,000 products of over 1000 brands, with a distribution area of around 9000 pincodes in India. [15] In 2015, Ananth Narayanan became the chief executive officer of Myntra. [16]
On 10 May 2015, Myntra announced that it would shut down its website, and serve customers exclusively through its mobile app beginning 15 May. The service had already discontinued its mobile website in favour of the app. [17] Myntra justified its decision by stating that 95% of traffic on its website came via mobile devices, and that 70% of its purchases were performed on smartphones. The move received mixed reception, and resulted in a 10% decline in sales. [18] [19] In February 2016, acknowledging the failure of the "app-only" model, Myntra announced that it would revive its website. [20]
In September 2017, Myntra negotiated the rights to manage Esprit Holdings's 15 offline stores in India. [21] [22] Myntra reported a net loss of ₹151.20 crore in the financial year 2017–2018. [23]
In January 2021, Myntra changed its logo, after a police complaint was registered that the logo resembles a naked woman. The complaint was filed by a woman named Naaz Patel, who runs an NGO called Avesta Foundation. [24]
In October 2007, Myntra received its initial funding from Erasmic Venture Fund (now known as Accel Partners), Sasha Mirchandani from Mumbai Angels and a few other investors. In November 2008, Myntra raised almost $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. Myntra raised $14 million in a Series B round of funding. This round of investment was led by Tiger Global, a private equity firm; the existing investors IDG Ventures and Indo-US Venture Partners also put in substantial amount towards funding Myntra. Towards the end of 2011, Myntra.com raised $20 million in its third round of funding, again led by Tiger Global. [25] [26] In February 2014, Myntra raised additional $50 Million (Rs.310 crore) funding from Premji Invest and few other Private Investors. [27]
In April 2015, Myntra acquired Bengaluru-based mobile app development platform company Native5, with a view to strengthen and expand Myntra's mobile technology team. [28]
In July 2016, Myntra acquired mobile-based content aggregation platform Cubeit, to strengthen and expand its technology team. [29]
In July, 2016 Myntra acquired their rival Jabong.com to become India's largest fashion platform. [30] In October 2017, Myntra partnered with Ministry of Textiles to promote handloom industry. [31] [32]
In April 2017, the company acquired InLogg, a city-based technology platform for the e-commerce sector. [33]
In April 2018, Myntra acquired Bengaluru-based start-up Witworks, a maker of wearable devices to strengthen its technology team. [34]
In August 2018, Myntra acquired Mumbai-Based start-up Pretr Online Services Pvt. Ltd., an end-to-end omnichannel platform for retail. [35]
Launched its first digital reality-based show "Myntra Fashion Superstar" which is based on the fashion influencer talent hunt on Myntra app on 17 September 2019. [36] [37] [38] In association with Zoom Studios, [39] his show will identify & reward India's next big fashion influencer. [39] Show has eight episodes of reality serious which will see 10 contenders competing with each other. They would also be mentored and judged by a star studded jury, from the world of Bollywood, TV and fashion, including Bollywood actor Sonakshi Sinha and stylist Shaleena Nathani. [40] [41] [42] [43]
The Enforcement Directorate are investigating Myntra for breach of Foreign Exchange Management Act. [44]
In January 2016, Enforcement Directorate issued notice to Myntra's owner Flipkart. It has a tie up with Nike with the dealer Funfash to sell all authentic Nike accessories [45]
In June 2016, Myntra's logistics staff went on a strike alleging lack of basic employee benefits and poor wages. [46] [47]
HDFC Bank Limited is an Indian banking and financial services company headquartered in Mumbai. It is India's largest private sector bank by assets and world's fourth largest bank by market capitalisation as of July 2023, following its takeover of parent company HDFC. It is the second largest company by market capitalisation of $172 billion on the Indian stock exchanges. It is also the sixteenth largest employer in India with nearly 1.78 lakh employees.
Aditya Birla Fashion and Retail Limited (ABFRL) is an Indian fashion retail company headquartered in Mumbai. ABFRL was previously known as Pantaloons Fashion & Retail Limited prior to its acquisition by the Aditya Birla Group.
Bharti Airtel Limited, commonly known as (d/b/a) Airtel, is an Indian multinational telecommunications services company based in New Delhi. It operates in 18 countries across South Asia and Africa, as well as the Channel Islands. Currently, Airtel provides 4G and LTE Advanced services all over India and 5G service in selected cities. Currently offered services include fixed-line broadband, and voice services depending upon the country of operation. Airtel had also rolled out its Voice over LTE (VoLTE) technology across all Indian telecom circles. It is the largest mobile network operator in India and the second largest mobile network operator in the world. Airtel was named India's 2nd most valuable brand in the first ever Brandz ranking by Millward Brown and WPP plc.
Flipkart Private Limited is an Indian e-commerce company, headquartered in Bangalore, and incorporated in Singapore as a private limited company. The company initially focused on online book sales before expanding into other product categories such as consumer electronics, fashion, home essentials, groceries, and lifestyle products.
India has an Internet user base of about 636.77 million as of May 2020, about 40% of the population. Despite being the second-largest user base in world, only behind China, the penetration of e-commerce is low compared to markets like the United States, or France, but is growing, adding around 6 million new entrants every month. The industry consensus is that growth is at an inflection point.
Snapdeal is an Indian e-commerce company, based in New Delhi, India. It was founded in February 2010 by Kunal Bahl and Rohit Bansal.
Jabong.com was an Indian fashion and lifestyle e-commerce portal founded by Praveen Sinha, Lakshmi Potluri, Arun Chandra Mohan and Manu Kumar Jain. In July, 2016 Flipkart acquired Jabong through its unit Myntra for about $70 million. In February 2020, Flipkart formally shut down Jabong to shift focus completely on its premium clothing platform Myntra. The portal sold apparel, footwear, fashion accessories, beauty products, fragrances, home accessories and other fashion and lifestyle products. The company's headquarter was in Gurugram, NCR, India.
trybhi.com is an Indian E-commerce portal for home, lifestyle and fashion, launched in the year 2009.
Sachin Bansal is an Indian entrepreneur. He is best known as the founder of Flipkart During his over 11 year career at Flipkart, Bansal was CEO and chairman. In 2018, Bansal exited Flipkart following the Walmart deal.
Airtel India commonly known as Airtel, is the second largest provider of mobile telephony and third largest provider of fixed telephony in India, and is also a provider of broadband and subscription television services. The brand is operated by several subsidiaries of Bharti Airtel, with Bharti Hexacom and Bharti Telemedia providing broadband fixed line services and Bharti Infratel providing telecom passive infrastructure service such as telecom equipment and telecom towers. Currently, Airtel provides 4G and 4G+ services all over India and 5G service in selected cities. Currently offered services include fixed-line broadband, and voice services depending upon the country of operation. Airtel had also rolled out its VoLTE technology across all Indian telecom circles.
Deverakonda Vijay Sai, professionally known as Vijay Deverakonda, is an Indian actor and film producer who works predominantly in Telugu cinema. He is the recipient of a Filmfare Award, a Nandi Award, and a SIIMA Award. Since 2018, he has featured in Forbes India's Celebrity 100 list.
Nykaa is an Indian e-commerce company headquartered in Mumbai. It sells beauty, wellness and fashion products through its website, mobile app, and over 100 physical stores. In 2020, it became the first Indian unicorn startup headed by a woman.
Cleartrip is a global online travel company, headquartered in Mumbai. The company operates an online travel aggregator website for booking flights, train tickets, hotel reservations, and activities in India and the Middle East countries. It holds offices across India, UAE, Saudi Arabia and Egypt.
PhonePe is an Indian digital payments and financial services company headquartered in Bengaluru, Karnataka, India. PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari and Burzin Engineer. The PhonePe app, based on the Unified Payments Interface (UPI), went live in August 2016.
MapmyIndia is an Indian technology company that builds digital map data, telematics services, location-based SaaS and GIS AI technologies. The company was founded in 1995 and is headquartered at New Delhi with regional offices in Mumbai and Bengaluru and smaller offices across India. It also has international offices in the San Francisco Bay Area and Tokyo.
Byju's is an Indian multinational educational technology company, headquartered in Bangalore. It was founded in 2011 by Byju Raveendran and Divya Gokulnath. As of June 2023, Byju's was valued at $22 billion. As of April 2023, the company claims to have over 150 million registered students.
Mukesh Bansal is an Indian businessman who founded the Indian fashion e-commerce company Myntra and currently serves as the CEO of cult.fit of which he is also the co-founder. Mukesh has been listed in the Best 40 Under 40 Entrepreneurs by Fortune magazine.
Dunzo is an Indian company that delivers Fruits and Vegetables, meat, pet supplies, food, and medicines in major cities. It also has a separate service to pick up and deliver packages within the same city. Dunzo currently provides its delivery services in eight Indian cities including Bangalore, Delhi, Gurgaon, Pune, Chennai, Jaipur, Mumbai and Hyderabad. The company also operates a bike taxi service in Gurgaon. Dunzo is headquartered in Bangalore and was founded in 2014 by Kabeer Biswas along with co-founders Ankur Agarwal, Dalvir Suri and Mukund Jha.
Myntra launched its first digital reality show "Myntra Fashion Superstar" which is based on the fashion influencer talent hunt on Myntra app on 17 September 2019. In association with Zoom Studios, this show will identify & reward India’s next big fashion influencer. Show has eight episodes of reality series which will see 10 contenders competing with each other. They would also be mentored and judged by a star studded jury, from the world of Bollywood, TV and fashion, including Bollywood diva Sonakshi Sinha and leading celebrity stylist, Shaleena Nathani.
Navi is an Indian financial services company founded by Sachin Bansal and Ankit Agarwal in 2018. Navi operates in the space of digital Loans, home loans, mutual funds, health insurance, digital gold and micro-loans. It currently has $100 million in revenue with $10 million in profit.