Once Struggled To Survive, Closed Website In 2015, Its App-Only Model Failed But Now It's Over Rs 3501 Crore Company

Undoubtedly, there have been more online shopping platforms emerging in India, but Myntra was the first to provide fashion e-commerce to the nation. Let's look at the development of Myntra. Read on to know more!

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New Delhi: For many of us, online shopping acts as a stress reliever. We can't dispute that online shopping has been our helping hand in all of our pressing wishes, from making the most of quarantine celebrations during corona to delivering gifts to your loved ones who live far away.

Fashion e-commerce has occupied a significant position in the industry, despite the fact that the development of online platforms has always been a trend. Undoubtedly, there have been more online shopping platforms emerging in India, but Myntra was the first to provide fashion e-commerce to the nation.

Let's look at the development of Myntra.To know more, keep reading!

Myntra: Founders

The website, which is well-liked by people of all ages, sells the newest and most popular accessories and clothing. AUSHUTOSH LAWANIA, VINEET SAXENA, and MUKESH BANSAL founded the company, and the trio graduated from IIT Kanpur. 

About Myntra

An Indian e-commerce company called Myntra specialises in selling clothing for both men and women and shoes and other fashion-related items. The headquarters of the business are in Bengaluru, Karnataka, India.

As of May 2014, the business sells gifts that can be customised. Later, Flipkart purchased it for $2,000 crore in a deal. Two significant shareholders, Tiger Global, and Accel Partners, made the deal. 

Myntra can now function independently as a stand-alone business. Under Flipkart ownership, Myntra continues to set off-brand and can be successful with people who buy clothes.

With an allocation of 9000 pin codes in India, Myntra has over 1,50,000 goods from over 1000 companies in its inventory as of 2014. 

Ananth Narayanan was appointed Myntra's Chief Executive Officer (CEO) in 2015. During his administration, Myntra made the announcement that it would stop operating its website in favour of a mobile app.

The majority of transactions and purchases were made using an app. As a result, they shut down their website and launched a mobile or smartphone application. A 10% reduction in revenue occurred as a result of the poor judgement. 

Myntra said in February 2016 that it would relaunch its website, work through a website, re-build its website, and arrive with a new design in response to the failure of the "app-only" approach. 

A lot of ups and downs occur for Myntra between 2011 and 2021. 2011 saw Myntra abandon customization in favour of selling products for lifestyle fashion. 

Under the control of Flipkart, Myntra is still setting off-brand in 2014 and serving clients interested in fashion.

Myntra's recent success is not surprising given the calm leadership and strong business acumen present throughout its leadership team. The company is a force to be reckoned with in the battle for e-commerce supremacy in India. At the time of their founding, their yearly revenue did not exceed Rs 7 crores, and by the end of 2012, they were aiming for a roaring increase of Rs 500 crores.

As of October 2022, the net worth of Myntra is 3501 crore rupees.