E-commerce company Myntra, has confirmed that it has raised $50 Million (about Rs. 300 crore) in a financing round led by Premji Invest along with new and existing investors. Myntra will be using these funds to strengthen its technology, infrastructure and customer experience and fund future growth initiatives.

India’s $3.1 billion e-commerce market (excluding online travel) is expected to grow by over seven times to $22 billion in five years, according to a CLSA report.

Mukesh Bansal, Co-Founder and CEO, Myntra said, “The key to our success has been a robust business model and a customer centric approach that has resulted in Myntra.com emerging as the ultimate fashion destination for shoppers across India. We have been growing steadily, increasing our product offerings and attracting new users from different corners of the country. This round of funding will allow us to scale up, attract and retain superior talent, ramp up our technology infrastructure and strengthen the Myntra brand.”

He further added, “We are confident of achieving $1 billion GMV (Gross Merchandise Value) by 2016 and will be by far the largest fashion destination in India.”

Since its launch in 2007, Myntra has raised close to $75 million from investors, including Accel Partners and Tiger Global. The portal currently claims to receive over 50 million visits every month and showcasing close to 50,000 products from over 600 brands.

There seems to be no stopping Myntra, a report by The Times of India suggests that the e-commerce retailer is expected to raise yet another round of funding of $50 million, in the next few months. Reportedly talks are on with private equity fund, L Capital and America based, Sands Capital.

One of Myntra’s competitors, Jabong recently raised $27.5 million from British investor CDC as a part of its plans to raise a funding of $100 million.