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Myntra secures $5 million from NEA-IndoUS, IDG Ventures, Accel Partners

by Satrajit Sen

Myntra.com — an online marketplace for on-demand consumer products where people can find, create and buy unique, personalized and creative merchandise like t-shirts, mugs, greeting cards, calendars, key-chains and diaries — has raised $5 million in Series A funding from NEA-IndoUS Ventures, IDG Ventures and Accel Partners.

by Satrajit Sen

Myntra.com — an online marketplace for on-demand consumer products where people can find, create and buy unique, personalized and creative merchandise like t-shirts, mugs, greeting cards, calendars, key-chains and diaries — has raised $5 million in Series A funding from NEA-IndoUS Ventures, IDG Ventures and Accel Partners.

The deal was closed two months back, according to Mukesh Bansal, CEO of Myntra. Following the Series A funding, Vani Kola, managing director (India), NEA-IndoUS, Sudhir Sethi, managing director, IDG Ventures India, and Gagan Kumar, partner, Accel Partners have joined Myntra board of directors.

Myntra plans to utilise the latest fund by developing business in three different ways. “Firstly, we will expand our geographical boundaries and open offices in top 10 Indian cities from the present two offices in Noida and Bangalore,” Mukesh Bansal has told AlooTechie.

“Secondly, we will enhance the range of our product offerings by including more commodities that are favourites among our consumers and thirdly, we will strengthen our in-house team and add more expertise to provide customised services to our users,” added Bansal.

Speaking about getting funded at a period of global economic slowdown, Mukesh Bansal said, “Though it’s a recessional period, investors are still ready to invest in a good business. Investors already have money and a business needs to prove its worth to get funded.”

Sharing details about Myntra.com, Bansal said, “Since our launch in 2007, our revenues have grown ten-fold till now and we are gradually gaining popularity among the Indian youth. Mostly, students across colleges and youngsters form our consumer database.”

Commenting about the future of online merchandise market in India, Mukesh Bansal said, “Online reserves a significant growth potential for merchandise in India, but one has to consolidate the market. I see a lot of activities happening in this space within the next two years.”

Myntra.com was launched by Myntra Designs in May 2007 and had received seed funding from Accel Partners (formerly Erasmic Venture Fund) and a few other angel investors in October 2007.

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