BWI: Myntra.com Targets Rs 500 crores Revenue for the Next Fiscal

Press release from Business Wire India
Source: Myntra
Friday, February 10, 2012 02:53 PM IST (09:23 AM GMT)
Editors: General: Consumer interest, Entertainment, Lifestyle, Sports; Business: Advertising, PR & marketing, Business services, Clothing & accessories, Information technology, Media & entertainment, Retailers, Sports; Technology
--------------------------------------------------
Myntra.com Targets Rs 500 crores Revenue for the Next Fiscal
Plans to break even in less than 12 months

Bangalore, Karnataka, India, Friday, February 10, 2012 -- (Business Wire India) -- Myntra.com, the largest online retailer of fashion and lifestyle products in India, is aiming revenues of Rs 500 crores in the financial year 2012- 2013. 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 in India.

Mr. Mukesh Bansal (Founder & CEO, Myntra.com) said, " Myntra has undergone phenomenal growth in the last 12 months and has emerged as the clear leader in Fashion/Lifestyle space. We have been consistently doubling every 4 months and have now reached a scale where we ship up to 10,000 products every day. We are planning to cross revenue of Rs 500 crores in FY 12-13 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 in India."

He further added, "We have built the largest catalog 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 scale 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 e-commerce companies in India with over 2,00,000 daily visitors to the site and a customer base of over 2 million. 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.

More about Myntra.com:

Myntra.com is among the leading e-commerce companies and is the largest online retailer of fashion and lifestyle products in the country. Myntra has tied up with top fashion and lifestyle brands in the country such as Nike, Reebok, Puma, Lee, Levis, Pepe, Wrangler, Flying Machine, Arrow, Provogue, Jealous 21, Biba, Being Human, UCB, US Polo, Esprit, Fastrack etc. to offer a wide range in latest branded fashion and lifestyle wear. The largest in-season product catalogue, 100% authentic product, cash on delivery and favourable return policies, make Myntra the preferred online shopping destination in India.

Myntra was started by a group of IIT/IIM graduates in 2007 led by Mukesh Bansal. The company is headquartered in Bangalore and has been funded by top tier Venture Capital funds like Tiger Global, IndoUS, IDG & Accel Partners.



CONTACT DETAILS
Zachariah Zerin, Media Moments, +91 9886065257, zachariah@mediamoments.in
Akshat Shrivastava, Media Moments, +91 9535539145, akshat@mediamoments.in
Brian Ammanna, Myntra.com, +91 9886101005, brian.a@myntra.com

KEYWORDS
CONSUMER, ENTERTAINMENT, LIFESTYLE, SPORTS, MARKETING, BUSINESS SERVICES, CLOTHING, IT, MEDIA, RETAIL, TECHNOLOGY

If you wish to change your Business Wire India selection please click on this link http://www.businesswireindia.com/media/news.asp and use your personal username and password to login.

Submit your press release at http://www.businesswireindia.com