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History of Myntra

History of Myntra

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Published by Hari Bhushan

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Published by: Hari Bhushan on Nov 01, 2012
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History
Myntra was established by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena in February 2007. All three are IITalumni, and have worked for several start-ups.Myntra is headquartered in Bangalore and has been funded by Venture Capital funds like IndoUS, IDG & AccelPartners.
 The company started off in the business of personalization of products, and soon expanded to set up regional officesin New Delhi, Mumbai and Chennai.It began its operations in the B2B (business to business) segment with the personalization of gifts, which included T-shirts, mugs and caps to name a few. However, in 2010, the companyshifted its strategy to becoming a B2C (business to customer) oriented firm, expanding its catalogue to fashion andlifestyle products.From 2007 to December 2010, Myntra.com was in the business of online demand personalization. 
 The productsranged from T-shirts, mugs, greeting cards, calendars, key chains, diaries, wine glasses, coasters and many suchproducts with photographs, one-liners and slogans.
In three years, Myntra became one of the India’s largest on
-demand personalization platform for products and giftswith over a 50% market share 
 Myntra 
 offered personalized jerseys of several cricket and football teams such as Team India, IPL teams, national football teams, andPremier League football teams.
 
New business focus and products
Myntra has tied up with top fashion and lifestyle brands in India, such as Nike, Inc., Reebok, Puma,  Adidas,Asics, Lee, Lotto, Decathlon, FIFA, John Miller, Indigo Nation etc. to offer a wide range of current season merchandise fromthese brands 
 
Myntra currently offers products from more than 350 Indian and international brands. 
 These include shoes for 
 
running, tennis, football, basketball and fitness, along with casual footwear from world-renowned industry leaders likeNike, Puma, Converse, Adidas, Decathlon, Reebok, Lee Cooper, Numero Uno, Skechers, Crocks, Asics, Fila, Lotto,ID and many more. There are also casual and dressy footwear for women from Catwalk, Carlton London and RedTape to name a few.Myntra also stocks T-shirts for men and women from popular brands like Jealous 21, Forever New, Classic Polo,Inkfruit, Lee, Nike, Inc.,Probase, Puma, Adidas, Reebok, Ed Hardy, Decathlon, Lotto, Ediots, Mr. Men, Tantra and Guerilla. The website has also launched Being Human and Fastrack watches. 
In July 31, 2012 Bollywoodactor  Kalki Koechlin 
launches Myntra’s ‘Star N Style’ feature.
 
Business model
Myntra.com is an aggregator of many brands. Its business model is based on procuring current season merchandisefrom various brands and making them available on the portal at the same time as in respective retail brand outlets. Allthese products are offered to customers on MRP. 
 
In October 2007, Myntra received a seed funding from Accel Partners (formerly Erasmic Venture Fund), Sasha
Mirchandani from Mumbai Angels and another angel investor. In November 2008, Myntra raised with it’s A funding of 
$5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. 
 In the second round of funding led by Tiger Global and participated by existing investors IDG Ventures and Indo-USVenture Partners, Myntra raised $14 million.Towards the end of 2011, Myntra.com raised $20 million in its third round of funding led by Tiger Global.
 
Myntra launched a brand campaign with its first TVC in July 2011. The commercial 'juxtaposes new-age fashion withold-world grit' and positions Myntra as a 'fashionable new age' brand. 
 Myntra's second campaign, with the tagline "Ramp It Up", was launched in October 2011 with a TVC. The new adscored high on fashion quotient and the core message was to communicate the launch of the Autumn Winter 2011collection on Myntra.com. 
 
In February 2012, Myntra also rolled out an OOH (out of home) campaign across Tier 2 cities, to to build brandawareness and promote online shopping. 
 In June 2012, Myntra launched its third campaign. Created by Taproot, the communication emphasises the benefitsof buying online, and is titled 'Real life mein aisa hota hai kya'.in which they offer free shipping,cash on delivery,30day return & 24 hours dispatch 
 
Myntra continued the 'Real life mein aisa hota hai kya' theme in its next campaign in October 2012 and extended it toshowcase its wide catalog and hassle-free Returns Policy. 
 
 Awards
Myntra.com was announced as a winner of the Red Herring Global 100 award. Red Herring announced its Global100 awards in recognition of leading private companies from North America, Europe, and Asia, celebrating thesestartups' innovations and technologies across their respective industries. 
 CNBC - TV18 awarded Myntra.com as one of the Hottest Internet Companies of the Year at the Mercedes - BenzCNBC - TV18 Young Turks Awards. 
 
ABOUT MYNTRA
Myntra.com is India’s largest online fashion and lifestyle store for men, women, and kids.
 Shop online from the latest collections of apparel, footwear and accessories, featuring the best brands.We are committed to delivering the best online shopping experience imaginable.
PAY SECURELYPOWERED BY© MYNTRA.COM / ALL RIGHTS RESERVED
Myntra.com is ranked among the leading e-commerce companies in India and is the largest online retailer of lifestyleand fashion products. The company was started by a group of IIT/IIM graduates in 2007 and is headquartered inBangalore. Funded by top tier Venture Capital Funds, Myntra is among the best funded e-commerce companies inthe country today.Myntra, which started as an online destination for personalized products back in 2007, has expanded into broader lifestyle and fashion retailing. Today, Myntra is the largest online lifestyle retailer with over 200 national andinternational brands under its banner.Myntra has brought in a new level of professionalism and technology enablement to the e-commerce space in India.For consumers, this translates to superior experience, broader product selection and unmatched efficiency, thusadding to a better purchasing decision.The company's unique offerings include the largest in-season product catalogue, 100% authentic products, cash ondelivery, and 30 day return policy, making Myntra the preferred online shopping destination in the country.
Our Awards
 
 
 
CNBC - TV18 Young Turks Award as one of the "Hottest Internet Companies of the Year 2011-12"
 
"Pride of India 2011-2012" for Most Successful Fundraising by IDG Ventures
 
"Pride of India 2009-2010" award for Exceptional Business Growth by IDG Ventures
 
Red Herring Global 100 winner 2010
Our Team
 
At the helm of Myntra's success is a management team of experienced and high caliber senior managementprofessionals from globally recognized organizations such as Microsoft, Google, Intel, Trilogy and SAP, toname a few. The company has an employee base of over 400+ employees from a mix of corporate, businessand premier academic institutions like IIMs and IITs who love to have fun and balance work at the sametim
WHY MYNTRA
Myntra.com is ranked among the top 10 e-commerce companies in India and is scaling rapidly. Myntra was started bya group of IIT/IIM graduates in early 2007 and is headquartered in Bangalore with regional offices in New Delhi,Mumbai and Chennai. The company is funded by top tier Venture Capital Funds and is now among the best fundede-commerce companies in the country.In addition to accelerated growth opportunities, we foster openness, trust and respect in the workplace. We're a warmand fun-filled place to work; we're passionate about sport and music, debate and design and about getting thingsright. And while we are small, we are growing rapidly and our growth philosophy is to hire and retain the best. To thisend, we offer all employees a culture of fun and learning, and a very competitive package of pay and benefits. Somehighlights of our offer are as follows:
 
One of the best paying start-ups in the country
 
 All Myntra employees are eligible to stock options to ensure they receive a meaningful stake in the company
 
11 paid holidays in a year for employees to celebrate national events and festivals with their families, along with24 days of paid annual leave to help maintain work-life balance. Additional leave types that include paid paternityleave of up to 10 business days per annum and an option to work-from-home for women for a defined period atthe birth of a child, in addition to standard maternity leave and benefits
 
Every employee is assigned two days of professional development opportunities per year in the form of trainings,certifications, seminar and conference participation opportunities etc.
 
Myntra provides medical insurance to all its employees. 100% of the premium for this is paid by Myntra. Thisprovides reimbursement per annum of up to Rs. 2 Lakhs per family including parents/in-laws.
 
 All employees are eligible for Group Personal Accident insurance. Due to bodily injury or death as a result of anaccident, GPA insurance provides benefit of upto Rs. 10 Lakhs per defined payment schedule. Myntra pays100% of the premium.
 
We foster a culture of fun and transparency with events such as our Monthly All Hands Meets, Sports @ Myntrainitiative, Founding Day Annual Celebration for employees and their families and lots more.
 
We encourage the generation of smart ideas by our employees from across teams and levels - the best idea of the month receives an I pad!
WHAT MYNTRA IS LOOKING FOR
We are looking for dynamic professionals who want to ride the steep learning curve to accelerated responsibility andsuccess, while enjoying the journey and making it a fun experience for those they work with. If you are excited bywhat you've read above about us, and if you are an achiever with passion, energy, integrity and a mission to excel,this is the place for you. JOIN US!

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