![]() From mid 2010-11, Myntra brought in heads for human resources, operations, finance, supply chain and other departments. Myntra, to date, fulfills 12,000 orders daily. Investor money gave them the financial bandwidth to hire domain experts, that helped it scale faster, increase web traffic and take on a larger load. "We had reasonable traction, were getting customers, and our business model was in place," Bansal says. As a result, they were able to attract their first round of funding within a year, in 2008 - $5 million from IDG Ventures, Accel Partners, NEA-Indo-US Ventures (now Kalaari Capital). Sastry says having a large founder base allows entrepreneurs to jump in and take control of every aspect of business. It gives a startup the right mix of people with different backgrounds and ideas," Bansal affirms. "Three to four people is an ideal number to start with. Saxena took care of operations including supply chain and orders, Sastry managed marketing and B2B retail and Bansal had investors, strategy and finance in his ambit.īansal feels being a team of four gave them flexibility, additional manpower and helped them to stay motivated, especially since they did not draw salaries for two years. "The first year was amorphous, everyone did what was needed to be done," recalls Lawania, CEO, who looked after back-end technology. The second was to get in experts from the industry with deeper domain knowledge for certain key functions. "Travel portals had become big and by 2010, five million people were shopping online," Bansal recalls. Though the earlier business was generating Rs 10 crore - Rs 12 crore in revenues riding on 500-600 orders per day, the boys wanted something meatier. The first was jumping into a big category like fashion. It has received $75 million in funding over multiple rounds from Tiger Global, Accel Partners, IDG Ventures and Kalaari Capital, the last of which came in 2012.Īrmed with these numbers and investor confidence, you could say that the founders have done quite a few things right. Today, Myntra boasts of 35,000 products, 600 brands and revenues of Rs 400 crore in the last fiscal. "After three years, we realized personalized products was a niche category and one can build a small boutique business with it but not more," Bansal states. But by 2010, they saw that e-commerce was becoming an irresistibly hot sector attracting both entrepreneurs and investors. The four pooled in Rs 50 lakh as seed money to try and conquer the online world by starting the business. We felt personalized gifting was an innovative business since nothing else existed at that time," says Bansal, Co-Founder and CEO, Myntra, who got in two others into the founding team - Raveen Sastry, 35, and Vineet Saxena, 36, the same year. "Broadband penetration was increasing and we saw it was only a matter of time before e-commerce would become mainstream. ![]() When the company was incorporated in February 2007 by Mukesh Bansal, 38, and Ashutosh Lawania, 36, both IIT-Kanpur alumni, e-commerce was just finding its feet in India with travel tickets being sold online. A recent ComScore report says the portal received 13.7 million visitors in June 2013 beating rivals Flipkart and Jabong. In just three years, Myntra has grabbed the top spot among fashion and lifestyle e-commerce sites ever since its founders switched the business model from personalized products to grab a share of a larger market in 2010. ![]()
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