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Myntra acquires SherSingh in a cash cum equity deal

Bangalore-based Myntra.com has acquired
SherSingh.com, the global private label online brand specializing in
sports-inspired lifestyle apparel for men and women. As part of the cash cum
equity deal, the Sher Singh brand of products will now be exclusively sold on Myntra.com
and Shersingh.com.

Bangalore-based Myntra.com has acquired
SherSingh.com, the global private label online brand specializing in
sports-inspired lifestyle apparel for men and women. As part of the cash cum
equity deal, the Sher Singh brand of products will now be exclusively sold on Myntra.com
and Shersingh.com.

SherSingh was launched in 2011 by Exclusively.in Inc, which is backed by the investors like Accel partners, Tiger Global and Helion Venture and In February 2012 Myntra had raised $20 million in its third round of funding led by venture capital firm Tiger Global. In total, Myntra has secured $39 million from funding led by Tiger Global. In May 2011, Myntra had raised $14 million in its second round of funding led by Tiger Global and existing investors IDG Ventures and IndoUS Venture Partners. Both the firms have Tiger Global and Accel Partners as their common investors. The company has offices in New Delhi and New
York.

With this acquisition, Sher Singh’s senior
management team along with its employees will be absorbed into Myntra and will
contribute towards strengthening Myntra’s private label portfolio. Myntra will
leverage Sher Singh’s fashion and design expertise to strengthen its private
label and presence in the US market. Myntra will also maintain Sher Singh’s New
York design studio to tap into the latest trends from one of the world’s
leading fashion capitals.

Mukesh Bansal, Founder and CEO at
Myntra.com said, “We are very excited about this acquisition. Sher Singh’s team
has built one of the most innovative and trendy fashion brands which speaks to
the global marketplace. We are very confident that this acquisition will
significantly enhance Myntra’s fashion and design expertise”.

Sunjay Guleria, Co-Founder and CEO at
SherSingh.com added, “We couldn’t have asked for a better long-term fit than
Myntra. As the leader in the fashion and lifestyle ecommerce space, Myntra will
now expose Sher Singh’s award-winning designs and superior quality to millions
of consumers in India and help us create long-term, sustainable brand equity.
In addition, our combined merchandising expertise will ensure on-trend, global
fashion at affordable prices.”

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