Style is definitely schizophrenic; it does change from day to day a lot. It depends on one’s mood: sometimes it’s going through a girly, childlike stage and wears a pretty lace dress with a bow in one’s hair. Then sometimes one is moody and just wears black. Today everyone talks about fashion and style, sometime it seems like there is no world behind fashion; in some manner it is true though. Today people judge people by her dressing sense. By keeping that in mind a scholar from IIT- Kanpur come across with the idea of Myntra; a mantra for your fashion need.
What is Myntra
Myntra is one of India’s quickly developing web based business entrance with the emphasis on fashion and way of life. The organization has made a specialty in the region of internet shopping and an unobtrusive trust from individuals. Presently individuals search for new design qualities, and Myntra has a key part to play in expanding their form sense. Myntra most likely matches the example of overcoming adversity of any business person you can consider. The organization began as an online dealer of customized stock and even contributed on booth offering key chains and shirts. With prominence and included benefits, the organization began to combination greater known brands. Additionally, there weren’t many individuals on load up around then. The contracting bar expanded with the expansion in the workforce. Prior there were numerous businesses that can’t get their clients well. From the earliest starting point Myntra never investigated the innovation foundation for deals execution. From the principal day, Myntra looked upon the vision of the organization and its clarity as far as objectives and measurements, following up key activities and watching out for the purchaser encounter front.
On Demand Personalization
Myntra is India’s biggest on demand personalization mark for items, gifts and cool apparels. Myntra empowers people and corporate to make their own particular items by including substance of their decision. Presently Myntra offers customized items crosswise over 33 item classes and has a Designer Community with more than 3500 originators.
Mukesh Bansal – Man behind Myntra
Mr. Mukesh Bansal the chief executive officer and co-founder of Myntra, is an Indian conceived, business visionary. He joined IIT Kanpur for his graduation; he holds four year certifications in computer engineering. He established Myntra in 2007 with Ashutosh Lawania and Vineet Saxena. Before this he had worked for many blue chip companies like Deloitte, nextag.com, centrata, Flipkart and cureFit.
Challenges faced by Myntra
Logistic: Logistics was a major challenge when it came to extinguish consumer loyalties. It is likewise an imperative part of any internet business organization. Myntra’s prosperity has a place with a cross over coordination display. They have disseminated the logistics amongst themselves and outsider specialist co-ops on demographical premise. This is additionally in light of the fact that finding solid outsider specialist organizations who could give world class conveyance experience is very troublesome. Myntra.com takes most extreme care of its store network administration, and contracts conveyance operators with high conveyance encounter. Myntra has dependably trusted that most noteworthy commitments are made remembering the bigger picture in the matter of what the brand remains for through the season of gaining transient ground. Another region of accentuation is laid on the thorough enlisting and assessment rule for representatives and conveyance operators in order to give a high calibre in conveyance encounter.
Funding: Mukesh began Myntra with starting body of 30 lakh, to accomplish the huge it was not adequate sum, to satisfy the requirements he needed to burrow at many spots for adequate financing and that was the battling minute for Myntra. Albeit numerous huge names had come forward to bolster Myntra for its business extension, yet for any business subsidizing is constantly imperative.
Myntra the aggregator of many brands has plan of action situated in securing momentum season stock from different brands and making them accessible on the entry way in the meantime as in separate retail mark outlets. Every one of these items offered to clients on MRP.
In October 2007, Myntra got a seed subsidizing from Accel Partners (Formerly Erasmic Venture Fund), Sasha Mirchandani from Mumbai Angles and another blessed messenger speculator. In November 2008, Myntra raised with it’s a subsidizing of $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners.
In second round of subsidizing drove by tiger global and took an interest by existing financial specialists IDG Ventures and IndoUS Venture partners, Myntra raised $14 million.
Towards the end of 2011, Myntra brought $20 million up in its third round of financing drove by Tiger Global.
Merger with Flipkart
2014 saw the converging of Myntra with another Indian internet business goliath Flipkart.com in an expected arrangement of ₹2,000 Crore (US$300 million), however nothing as far as esteem was formally revealed by any of the organization. Merger was significantly affected by two substantial regular shareholders, Tiger Global and Accel Partners. Myntra still keeps on working and work autonomously to expand its piece of the overall industry from 50 to 70 for each penny of the market share. In 2014, Myntra’s portfolio included around 1,50,000 results of more than 1000 brands running from global brands to architect brands and appropriation region of around 9000 pin codes in India.
App only Model
In May 2015, Myntra proceeded onward to app only plan of action wherein clients can just purchase and execute in their site through cell phones. The move came after the webpage asserted that 95 percent of Internet activity on their website came versatile and 70 percent deals were produced through cell phones. The move to application just produced blended audits and saw 10% plunge in deals at first.
Be that as it may, in February 2016, the organization withdrew its app only model trying to win back lost clients. The organization referred to that the application just technique had reverse discharges and Myntra would Re-launch its site.
- CNBC-TV18 Young Tusks Award as one of the “Hottest Internet Companies of the year 2011-2012”
- ‘Pride of India 2011-2012’ for The Most successful Fundraising by IDG ventures
- ‘Pride of the India 2009-2010’ award for Exceptional Business Growth by IDG Ventures
- Red Herring Global 100 winner 2010