Startup

Story of Myntra & its Genius Influencer Marketing Strategy to Attract Customers

By Digital Yug Sep 16 2021 11:41AM
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Myntra is a Bangalore based fashion Ecommerce platform that was started by Mukesh Bhansal in 2007 as a personalized gift portal. However, the founders later made it a fashion portal and in 2014, Flipkart acquired it for INR 2000 Crores.

Biggest Fashion Ecommerce Platform Myntra – The Hub of Branded Clothing

Myntra by Flipkart is one of the most popular and loved online fashion stores in India. It sells a wide range of clothing, footwear, beauty products, hair-care products, lifestyle, home decor, etc. It has things for men, women, and kids. Myntra got acquired by Flipkart in 2014 for INR 2000 crores. It was initially a personalized gift selling that later becoming a fashion portal. Let's get to know the success story of this brand.

Note: Myntra’s growth in the lingerie and athleisure category has gone up by 300%.

Myntra - Key Points

  • Company Name - Myntra
  • Founding Year - 2007
  • Headquarter - Bangalore, Karnataka, India
  • Industry - E-Commerce
  • Parent Company - Flipkart
  • CEO - Amar Nagaram
  • Business Type - Private
  • Founders - Mukesh Bansal, Vineet Saxena, Ashutosh Lawania
  • URL - www.myntra.com

Myntra - Founding Members and Team

Myntra got founded by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena.

  • Mukesh Bansal - Co-founder of Myntra and Cure.fit (IIT Kanpur)
  • Ashutosh Lawania - Co-founder of Myntra, fine, and Bytedge Solutions. (IIT Kanpur)
  • Vineet Saxena - Co-founder of Myntra, IndusDiva, Bytedge Solutions, Card91. (IIT Kanpur)

Myntra - Brand Name, Logo, and Catchline

  • Brand Name - Its brand name is catchy that everyone can remember.
  • Logo - Myntra's log fell into some unwanted controversies in 2021. It was seen as the legs of a woman and considered offensive towards women. Myntra slightly changed the design of its logo. It is in classic M shape with several bright colors on it.
  • Catchline - Myntra keeps changing its catchline according to sales and festive season. Its current tagline is ''The rest of fashion isn't enough when you can have the best of fashion''.

Myntra - Funds and Investors

Myntra has risen funding of more than $300 million in 12 rounds. Some of its funds and investors are as follows:

  • $103 Million - Funding Round Stage, FK Myntra Holdings, 2020
  • $63.7 Million - Funding Round Stage, FK Myntra Holdings, 2018
  • INR 500 million - Debt Financing Round, Kotak Mahindra Bank, 2017
  • $50 Million - Venture Round, 2014
  • $25 Million - Venture Round, 2013
  • $8 Million - Series E Stage, 2013
  • $25 Million - Series D Stage, 2012
  • $20.8 Million - Series C Stage, 2011
  • $14 Million - Series B Stage, Tiger Global Management, 2011
  • $11 million - Series B Stage, 2010
  • $5 Million - Series A Stage, NEA-Indo-US Ventures, IDG Ventures and Accel Partners, 2008
  • Undisclosed Amount - Seed Funding, Accel Partners, Sasha Mirchandani, 2007

Myntra - Business Model

Myntra runs the B2C business model. It collects the merchandise from all the brands associated with the company and makes everything available on its portal.

Fun Fact : Myntra has also started selling beauty products on its website.

Myntra - Revenue Model

Myntra's revenue comes from commission, shipping charges, advertisements, etc. It charges 4%-5% of commission from brands depending upon the product and their category. Its revenue for the fiscal year 2019-2020 was more than INR 1700 crore.

Myntra - Acquisitions and Mergers

Some of the brands acquired and merged with Myntra are as follows:

  • Jabong - $70 million, 2016
  • Native5 - Undisclosed Amount, 2015
  • Cubeit - Undisclosed Amount, 2016
  • InLogg - Undisclosed Amount, 2017
  • Witworks - Undisclosed Amount, 2018
  • Petr Online - Undisclosed Amount, 2018
  • Partnered with Ministry of Textiles - To promote handloom industry in India, 2017

Myntra – Growth

  • It is one of the largest online fashion retailers in India.
  • It has more than 2000 plus brands on the website.
  • It offers a wide range of clothing and lifestyle brands. It has also collaborated with various international brands.
  • Myntra serves more than a million customers.
  • They also offer a wide range of footwear brands for their customers.
  • Myntra's app got downloaded more than 100 million times.
  • It has a 4.3 rating and three million-plus reviews on the Google Play Store.

Myntra - Awards and Achievements

Some of the awards won by Myntra are as follows:

  • India's Most Valuable Brand - 7th Annual India Leadership Conclave and Indian Affairs Business Leadership Awards, 2016
  • Winner of - Red Herring Global 100 Awards, 2016
  • Hottest Internet Companies of the Year - CNBC-TV18, 2016
  • Fashion e-Retailer of the Year - Franchise India, 2013
  • Best E-commerce Website - IAMAI, 2012
  • Images Most Admired Retailer of the Year - Images Group, 2012
  • Best E-commerce Partner of the Year - Puma India, 2012

Myntra - Brand Ambassadors

Myntra has changed its brand ambassador many times. They hire brand ambassadors based on their popularity and followers’ base. Some of their brand ambassadors were:

  • Hrithik Roshan
  • Disha Patani
  • Vijay Deverakonda
  • Samantha Akkineni

Their current brand ambassador is Kiara Advani and, Bhuvan Bam was their first digital brand ambassador.

Myntra - Competitors

There was a time when very few companies were in the e-commerce sector. But now, the scenario has completely changed. There are several competitors in the market and, most of them are performing well on several levels. Some of the competitors of Myntra are as follows:

Myntra – Challenges

  • Pandemic - The current COVID pandemic has been tough on everybody. A lot of startups have faced issues due to this country-wide lockdown. People were suffering mentally and physically and, it was difficult for the brand to divert the attention of its customers.
  • Competitors - Myntra have a lot of competitors in the market. Apart from the online retail shops, the fast fashion brands like Zara, H&M, Shein, Urbanic, Forever21, etc., are also its competition. They sell clothes at a cheap rate and, it attracts a lot of customers.
  • Logistics - Logistics has always been an issue for online retail stores. Handling thousands of orders is not an easy job. Myntra delivers its products through a third party by hiring several delivery partners.

Myntra - Future Plans

Some of the upcoming plans of the company are as follows:

  • Myntra looks forward to overshadowing its rival companies and sell clothes at a much reasonable price.
  • They will come up with several new deals and sales for their customers.
  • They are focusing on increasing their customer base.
  • Myntra also plans to expand its beauty segment and reach out to as many customers as it can.
  • They will work harder on their logistics and supply chain.

Myntra – Branded Online Fashion Store

Myntra is undoubtedly one of the best online fashion retail stores in India. It delivers products on time and, their return policy is the best. They focus highly on the convenience of their customer and never disappoint them. Myntra has done a great job in acquiring the market and attracting millions of customers.

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