Success Story

of Myntra -
Most Famous
Name in Indian
Online Fashion
Industry
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Company Profile is an
initiative by
StartupTalky to publish
verified information on
different startups and
organizations. The
content in this post has
been approved by
Myntra.

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Today, we can sit in one space and
browse through the top
international fashion brands and
get it delivered right to our
doorsteps, thanks to online
shopping. One of the most
prominent names in this industry,
as we all know is Myntra. Myntra
was founded by Mukesh Bansal,
Ashutosh Lawania and Vineet
Saxena back in 2007.
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what is Myntra 4
• Myntra India is a Indian online shopping website that brings premium
brands under its umbrella and furnishes its consumers with the most
effortless shopping experience.
• StartupTalky covers the Myntra success story in this post. Know all
about how Myntra company profile, Myntra startup story, information
about Myntra, its revenue model, funding, founder, business model,
startup challenges & more.

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Myntra is one of the largest fashion e-commerce stores in India that
deals with a wide range of fashion and lifestyle products for men,
women and kids like high-quality clothes, branded footwear,
bags and backpacks, beauty and personal care products,
home and living accessories and much more.
If you are now wondering "Who owns Myntra?", then the parent
organization of Myntra is Flipkart, which is India's largest e-
commerce company. Flipkart has been the parent of Myntra since
September 2020, when the Ecommerce giant acquired 100%
stakes in Myntra for an estimated amount close to Rs 2000 crore.
The deal included both cash and stock.
Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena are the
founders of Myntra, which was founded in 2007 and has its
headquarters in Bengaluru, Karnataka India.

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Myntra CEO Amar Nagaram, who took the position in January 2019 decided
to call it quits on October 23, 2021. However, to ensure a smooth
transition, Amar was asked to stay with the company till December 2021
in an advisory role. The drive to launch his own venture is what propelled
his decision of quitting the company as CEO. The void will now be filled
by Nandita Sinha, who has been presently serving Walmart-owned
Flipkart as the Vice President, Consumer Growth and Marketing, as of
November 15, 2021.
Nandita Sinha, who would be appointed as the CEO of Myntra, effective
from January 1, 2022, onwards, has joined Flipkart in August 2013 and
served across multiple roles and categories, which includes beauty and
personal care, books and general merchandise, home, furniture and more.
Hindustan Unilever Ltd. and Britannia Industries Ltd. were the previous
companies that Sinha has worked with. Nandita Sinha boasts of around 17
years of experience in the Consumer Internet and FMCG space. Besides,
she was also linked with MyBabyCart.com as a Co-founder. Sinha is a
BTech graduate from IIT BHU and also has a degree in marketing and
strategy from FMS Delhi.
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Founders

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Vineet Saxena, Mukesh Bansal, Ashutosh Lawania

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• Mukesh Bansal, the founder of Myntra, was born and raised in Haridwar, Uttarakhand.
He is an IIT Kanpur graduate and currently serving as the co-founder of CureFit.
• Ashutosh Lawania is an angel investor and co-founder of Myntra. This founder of
myntra graduated from IIT Kanpur, this brilliant mind has also co-founded few
startups like Bytedge Solutions and MFine.
• Vineet Saxena, was one of the main myntra founders and started out as a a technology
entrepreneur, who later created the successful online fashion store, now serves as the
co-founder of Card91. He is also an IIT Kanpur graduate and founded startups like
Bytedge Solutions and IndusDiva.
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How Myntra Was Started?
Myntra startup story started with it
selling
on-demand personalized gift items
and focused to serve the B2B model
during its initial years. Myntra
established its website which offered
its customers a range of personalized
products like T-shirts, mugs,
mousepads, and others between 2007
and 2010. In Myntra history, it had
started selling products for fashion and
lifestyle and gradually moved away
from personalized products. And by
2012, the story of Myntra took a turn
as it began offering products from 350
Indian and International brands.
In 2014, Myntra was acquired by the
online e-commerce giant Flipkart in
a deal valued at ₹2,000 crores
(US$280 million). The takeover was
influenced by Tiger Global and Accel
Partners. Despite this deal, Myntra
company continues to operate as an
autonomous entity under Flipkart’s
ownership and focuses primarily on
"fashion-conscious" consumers. In the
same year, this Indian online shopping
website included about 1,50,000
products of over 1000 brands with a
distribution area of around 9000 pin
codes in India.
On 10th May 2015, Myntra came up
with a surprise and announced the
shutdown of its website. Further added
that it would serve the customer
mainly through mobile applications
beginning 15th May. But the "app-
only" model witnessed a decline in
its sales. Myntra supported 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. Seeing the
negative impact of the app-only model,
Myntra decided to revive its website.
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Myntra - Business & Revenue Model
Myntra business model operates on an
aggregator business model (B2C) of
premium brands. The business model of
Myntra is primarily based on procuring
current season merchandise from all its
associated brands and making them
available on its e-commerce portal at the
same time as in respective retail brand
outlets.
The Myntra revenue model is mainly based
on generating income from the commission,
marketing, and shipping charges. And this is
how myntra works, it charges a fixed
commission of 4% - 5% depending on the
category and brand of the product.
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Myntra - Funding & Investors
Myntra funding overall is is
estimated to be over $399.8M in
funding over 13 rounds. The
latest Myntra funding was raised
on September 24, 2021, led by its
Myntra parent organisation,
Flipkart. The fresh infusion comes
at a crucial juncture when the
fashion giant is looking forward to
starting the Big Fashion Sale from
October 7th onwards, which will
be continuing till October 13,
2021.

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Myntra - Growth
Myntra company has become India's fashion expert that serves millions of customers, with 2000+
world's top fashion brands on the platform. They sell more than 200,000 items on the app on any
given day and have achieved approximately $500M Gross Merchandise Volume in FY 2015 -
2016. The company has recorded a GMV of $800 mn in January 2016, which is just a notch below
its targetted $1 billion mark by FY16.
The growth of Myntra is estimated to be 300% in the sector of lingerie and loungewear segment
amid the second wave of Covid-19.
Myntra website has tied up with top fashion and lifestyle brands in India. The Myntra exclusive
brands are Nike, Adidas, Reebok, Puma, Asics, Lee, Lotto, Decathlon, FIFA, John Miller, Indigo
Nation, etc.
A important information about Myntra is that it offers a wide range of current season merchandise
from Myntra fashion brands that are said to be one of the best brands across multiple categories
from clothing to accessories.
Myntra currently offers products from more than 500 Indian and international brands.
Only the footwear category includes a wide array of varieties like shoes for running, tennis, football,
basketball, and fitness, along with casual footwear from world-renowned industry leaders like Nike,
Puma, Converse, Adidas, Decathlon, Reebok, Lee Cooper, Numero Uno, Skechers, Crocks, Asics,
Fila, Lotto, ID and many more. The other Myntra fashion brands that are casual and includes dressy
footwear for women are Catwalk, Carlton London, Steve Madden, and RedTape. 14
Myntra - Mergers & Acquisitions
 Some key highlights of the mergers and acquisitions of Myntra:
 Myntra, a Flipkart Group company had acquired Jabong in July 2016
for $70 million in cash and Flipkart had bought Myntra in May 2014.
 In April 2015, Native5, a Bengaluru-based mobile app development
company was acquired by Myntra. The goal of this acquisition was to
strengthen and expand Myntra’s mobile technology team.
 In July 2016, Myntra business came to acquire a mobile-based content
aggregation platform named Cubeit, to strengthen and expand its
technology team.
 In April 2017, Myntra company acquired InLogg. This was a city-based
technology platform that provides end-to-end logistical solutions for the
smooth functioning of e-commerce businesses.
 In October 2017, the company successfully partnered with the Ministry of
Textiles to promote the handloom industry in the country.
 In April 2018, Myntra India bought a Bengaluru-based startup named
Witworks, a maker of wearable devices.
 In August 2018, Myntra acquired Mumbai-Based Startup Pretr Online
Services Pvt. Ltd., an end-to-end omnichannel platform for retail.
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Myntra - Startup Challenges
Logistics was a big challenge for Myntra in order to meet the
customer's satisfaction. Needless to say, it is also one of the
important aspects of an e-commerce company. Myntra’s
success is duly credited to its hybrid logistics model. To solve
their problem of logistics and supply chain in the initial years,
they devised this solution and distributed the logistics between
themselves and third-party service providers solely on
demographics.
This again posed a major challenge for Myntra because
finding reliable third-party service providers who could
provide a world-class delivery experience to the firm and the
consumers is quite a job. To counter this, Myntra took utmost
care of its supply chain management, and hired delivery
agents with high and deep quality delivery experience.
Myntra, as a venture and as a team has always believed that
the greatest contributions happen when the larger picture is
kept in mind. Also, what the brand stands for and how it is
conveyed to society through the time of making short-term
progress plays a very important role. 16
Myntra -
Competitors
When Myntra started off,
there were really no vendors
providing such seamless
and exclusive shopping
experiences to the
consumers. But through all
these years, Myntra
competitors in India have
increased over the years .
The main competition that
Myntra faces is from:

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Myntra - Awards & Recognitions
Myntra has bagged quite a few titles under its name. Here's
all the information about Myntra's awards:
 Myntra was acknowledged as India’s Most Admired & Valuable Power
Brand Award 2016 at the 7th Annual India Leadership Conclave &
Indian Affairs Business Leadership Awards 2016.
 Myntra.com was announced as a winner of the Red Herring Global 100
award.
 CNBC - TV18 recognised Myntra website as one of the Hottest Internet
Companies of the Year.
 It has also been awarded with 'Fashion eRetailer of the Year 2013' by
Franchise India's eRetail Awards.
 Myntra online app and website also bagged the title of 'Best E-
commerce Website for 2012' by IAMAI – India Digital Awards.
 The venture was also awarded 'Images Most Admired Retailer of the
Year: Non–Store Retail' for 2012 by Images Group.
 Puma India awarded Myntra with the 'Best E-commerce Partner of the
year 2011-12'.
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 What is Myntra?
Myntra is one of the largest fashion e-
FAQs commerce stores in India that deals with a
wide range of fashion and lifestyle products
for men, women and kids.
What is Myntra's business model?
Myntra operates on an aggregator business
model. The firm buys the latest brands and
sells them online to the customers by
adding a profit margin. It mainly earns from
the commission.
Why did Flipkart acquire Myntra?
Flipkart acquired Myntra in May 2014 in
order to exploit a market i.e., the fashion
space which remains an untapped market
before the merge.
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Are Myntra and Flipkart the same?
In 2014, Myntra was acquired by Flipkart in
a deal valued at ₹2,000 crores (US$280
million). Since then, it operates under
Flipkart focusing primarily on fashion-
conscious consumers.
Who has become the beauty brand
ambassador of Myntra?
Myntra has announced Disha Patani as a
brand ambassador in the beauty and
personal care (BPC) market in India.
Why is Myntra successful?
Logistics was a big challenge when it came
to quench customer's satisfaction. It is also
an important aspect of any e-commerce
company. Myntra's success belongs to a
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hybrid logistics model.
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