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Myntra raises $14 million as second round from Tiger Global and existing investors

Myntra.com, an online marketplace for personalised products and T-shirts has raised $14 million in its second round of funding led by Tiger Global and existing investors IDG Ventures and IndoUS Venture Partners. According to the company, the funds will be used for technology, logistics, supply chain and marketing.

Myntra.com, an online marketplace for personalised products and T-shirts has raised $14 million in its second round of funding led by Tiger Global and existing investors IDG Ventures and IndoUS Venture Partners. According to the company, the funds will be used for technology, logistics, supply chain and marketing.

“With the cricket world cup going on, we are selling 500 jerseys per day. Earlier we were into selling personalised goods which is a more seasonal business but now the focus is on retailing sporting lifestyle goods,” Mukesh Bansal, CEO, Myntra.com, has said. Set up as an online portal for personalised gifts, Myntra now sells jerseys and other merchandise like T-shirts from international brands such as Nike, Reebok, Adidas and Puma.

According to Bansal, the cricket season has generated successful business for Myntra, with over 50 per cent of the average 1,000 transactions per day being sportswear. Already, a total of 10,000 team India jerseys have been sold on the website.

Founded in 2007, Myntra claims to have 500,000 registered users and a reach of 9,000 cities and towns in India. It also ships to 40 countries globally. In November 2008, the company had raised $5 million in series A funding from IndoUS Ventures, IDG Ventures and Accel Partners.

Source: TechCircle

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