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Whenn Did Myntra Website Start Again

Written By Sunday, May 22, 2022 Add Comment Edit

Indian way & lifestyle products company

Myntra
Myntra logo.png

Type of site

 Eastward-Commerce
Bachelor in English
Area served India
Founder(southward) Mukesh Bansal, Vineet Saxena, Ashutosh Lawania
CEO Nandita Sinha
Parent Flipkart
Subsidiaries Fitiquette, Roadster
URL www.myntra.com
Commercial Yep
Registration Required
Launched 2007; 15years agone
Current status Active

Myntra is a major Indian fashion e-commerce company headquartered in Bengaluru, Karnataka, India.[1] The company was founded in 2007 to sell personalized gift items.[ii] [3] [4] [5] In May 2014, Myntra.com was acquired past Flipkart.[6] [7] [viii] [nine]

History [edit]

Established by Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena; Myntra sold on-demand personalized gift items. It mainly operated on the B2B (business-to-business) model during its initial years. Between 2007 and 2010, the site allowed customers to personalize products such as T-shirts, mugs, mouse pads, and others.[10]

In 2011, Myntra began selling fashion and lifestyle products and moved abroad from personalisation. By 2012 Myntra offered products from 350 Indian and International brands. The website launched the brands Fastrack Watches and Existence Human being.[eleven]

In 2014, Myntra was caused by Flipkart in a deal valued at ₹2,000 crore (US$260 million). The purchase was influenced by two large common shareholders Tiger Global and Accel Partners.[9] Myntra functions and operates independently.[12] Myntra continues to operate every bit a standalone make nether Flipkart ownership, focusing primarily on "way-witting" consumers.[thirteen]

In 2014, Myntra'due south portfolio included well-nigh 1,fifty,000 products of over 1000 brands, with a distribution area of around 9000 pincodes in India.[14] In 2015, Ananth Narayanan became the chief executive officer of Myntra.[15]

On ten May 2015, Myntra appear that it would shut down its website, and serve customers exclusively through its mobile app kickoff 15 May. The service had already discontinued its mobile website in favour of the app.[16] Myntra justified its decision by stating that 95% of traffic on its website came via mobile devices, and that 70% of its purchases were performed on smartphones. The motion received mixed reception, and resulted in a ten% decline in sales.[17] [18] In February 2016, acknowledging the failure of the "app-only" model, Myntra announced that it would revive its website.[19]

In September 2017, Myntra negotiated the rights to manage Esprit Holdings'south xv offline stores in India.[xx] [21] Myntra reported a net loss of ₹151.20 crore in the financial year 2017–2018.[22]

In January 2021, Myntra changed its logo, after a police complaint was registered that the logo resembles a naked woman. The complaint was filed past a adult female named Naaz Patel, who runs an NGO called Avesta Foundation.[23]

Acquisitions and investments [edit]

In Oct 2007, Myntra received its initial funding from Erasmic Venture Fund (at present known as Accel Partners), Sasha Mirchandani from Bombay Angels and a few other investors. In November 2008, Myntra raised about $5 million from NEA-IndoUS Ventures, IDG Ventures and Accel Partners. Myntra raised $14 million in a Series B circular of funding. This round of investment was led by Tiger Global, a private equity house; the existing investors IDG Ventures and Indo-United states of america Venture Partners also put in substantial amount towards funding Myntra. Towards the finish of 2011, Myntra.com raised $xx million in its third round of funding, again led by Tiger Global.[24] [25] In February 2014, Myntra raised additional $50 Million (Rs.310 crore) funding from Premji Invest and few other Private Investors.[26]

In April 2015, Myntra acquired Bengaluru-based mobile app evolution platform company Native5, with a view to strengthen and aggrandize Myntra's mobile engineering team.[27]

In July 2016, Myntra acquired mobile-based content assemblage platform Cubeit, to strengthen and expand its technology team.[28]

In July, 2016 Myntra acquired their rival Jabong.com to become India'due south largest way platform.[29] In October 2017, Myntra partnered with Ministry of Textiles to promote handloom industry.[30] [31]

In Apr 2017, the company acquired InLogg, a city-based technology platform for the e-commerce sector.[32]

In April 2018, Myntra acquired Bengaluru-based outset-up Witworks, a maker of wearable devices to strengthen its technology team.[33]

In Baronial 2018, Myntra caused Mumbai-Based first-upwards Pretr Online Services Pvt. Ltd., an end-to-end omnichannel platform for retail.[34]

Digital Reality Show (manner influencer) [edit]

Launched its first digital reality-based show "Myntra Fashion Superstar" which is based on the fashion influencer talent hunt on Myntra app on 17 September 2019.[35] [36] [37] In association with Zoom Studios,[38]his prove will identify & reward Republic of india'due south next big fashion influencer.[38] Evidence has eight episodes of reality serious which volition see x contenders competing with each other. They would also be mentored and judged by a star studded jury, from the world of Bollywood, Tv and fashion, including Bollywood diva Nathani.[39] [twoscore] [41] [42]

Regulatory action and lawsuits [edit]

The Enforcement Directorate are investigating Myntra for breach of Foreign Exchange Direction Act.[43]

In January 2016, Enforcement Directorate issued notice to Myntra's possessor Flipkart. It has a tie upwardly with Nike with the dealer Funfash to sell all authentic Nike accessories[44]

Labour issues [edit]

In June 2016, Myntra's logistics staff went on a strike alleging lack of basic employee benefits and poor wages.[45] [46]

Run into too [edit]

  • E-commerce in Republic of india
  • Online shopping
  • Flipkart

References [edit]

  1. ^ "Bloomberg". www.bloomberg.com . Retrieved 8 January 2019.
  2. ^ Surti, Saloni (22 May 2014). "Flipkart-Myntra: Consolidation the only mode to survive the Indian east-commerce industry?". indianmediabook.com. Archived from the original on 12 July 2018. Retrieved 4 September 2014.
  3. ^ Bapna, Amit (xi July 2011). "Overall Lifestyle category volition cantankerous $1000 billion in India: Mukesh Bansal Founder-CEO, Myntra.com - Economical Times". Manufactures.economictimes.indiatimes.com. Retrieved 17 June 2012.
  4. ^ "Business concern / Companies : Myntra.com to aggrandize operations". The Hindu. vii September 2011. Retrieved 17 June 2012.
  5. ^ Saxena, Anupam (14 March 2011). "Updated: Myntra Gets $14M In 2d Circular Funding". MediaNama. Retrieved 17 June 2012.
  6. ^ ET Bureau (23 May 2014). "Flipkart acquires Myntra, gears upwards to take on Amazon". economictimes.indiatimes.com.
  7. ^ Flipkart Acquires Myntra in Indias Biggest East-Commerce Bargain - NDTVProfit.com. Profit.ndtv.com. Retrieved on 2014-05-23.
  8. ^ "Flipkart acquires Eastward-Tailer Myntra.Com in an around $300 Mn Deal". IANS. news.biharprabha.com. Retrieved 22 May 2014.
  9. ^ a b "Flipkart, Myntra merge in Rs ii,000 crore bargain". The Times of India. Bangalore. 23 May 2014. Retrieved 21 May 2015.
  10. ^ Kazmin, Amy (15 May 2015). "Myntra spearheads India's movement away from desktop browsing". Fiscal Times. New Delhi. Retrieved 21 May 2015.
  11. ^ Bhushan, Hari. "History of Myntra". scribd.com.
  12. ^ "Myntra enters new spaces post merger with Flipkart". moneycontrol.com.
  13. ^ Sen, Anirban (9 January 2018). "Flipkart fashion business catches up with Myntra". Livemint . Retrieved 13 May 2018.
  14. ^ "Myntra Brand Portfolio".
  15. ^ Myntra appoints Ananth Narayanan equally chief executive - The Economical Times
  16. ^ "Myntra to Close Downward Website, Go App-Only on May 15". NDTV Gadgets360.com . Retrieved xiii May 2018.
  17. ^ Modhy, Karrishma (20 May 2015). "Will Myntra's move away from desktop cause its downfall? autonomously from this they take a potent appeal amongst smartphone users with this new approach". Tech.firstpost.com/. FirstPost. Retrieved 21 May 2015.
  18. ^ Shankar, Besta (21 May 2015). "Myntra Sees 10% Driblet in Sales Later on Moving to App-only Format". International Business organisation Times . Retrieved 21 May 2015.
  19. ^ Maheshwari, Richa. "Myntra no longer app only, brings back mobile site to woo customers". The Economic Times . Retrieved 16 February 2016.
  20. ^ "Myntra to manage Esprit in India, curate 15 retail stores". The Economic Times. 28 September 2017. Retrieved 12 Oct 2017.
  21. ^ Sen, Anirban (29 September 2017). "Myntra wins rights to manage Esprit stores in India". livemint.com . Retrieved 12 Oct 2017.
  22. ^ "Myntra revenue shrunk by 80% to ₹427 crore in FY18". Livemint. viii January 2019.
  23. ^ "'Utha le re baba': 'Offensive' Myntra logo undergoes a change, divided netizens spark meme fest".
  24. ^ sushma.un (2 September 2012). "Style retailer Myntra.com raises $60 m in third round of funding". thehindubusinessline.com.
  25. ^ Khan, Irfan (2 September 2012). "Myntra.com Raises $20Mn In Third Circular Of Funding". Private Disinterestedness.
  26. ^ "E-tailer Myntra.com raises 310 Crores from Ajim Premji and other Investors". news.biharprabha.com. IANS.
  27. ^ "Myntra acquires Bengaluru-based Native5". The Hindu. 7 May 2015.
  28. ^ "Myntra acqui-hires content assemblage platform Cubeit". VCCircle. 11 July 2016. Retrieved xvi July 2016.
  29. ^ "Flipkart'south Myntra acquires Jabong". 26 July 2016. Retrieved 26 July 2016.
  30. ^ "Myntra partners Textiles Ministry to promote handloom industry". Moneycontrol . Retrieved 18 October 2017.
  31. ^ Bureau, BW Online. "Myntra Assembly with Ministry of Textiles to Support Weavers and Promote the Handloom Industry". BW Disrupt . Retrieved 18 October 2017.
  32. ^ "Myntra Acquires Bengaluru-Based InLogg, a Logistics Technology Firm". NDTV Gadgets 360.
  33. ^ Sen, Anirban (16 April 2018). "Myntra acquires wearables maker Witworks". Mint.
  34. ^ Variyar, Mugdha. "Myntra acquires omnichannel retail platform Pretr". The Economical Times . Retrieved 27 June 2021.
  35. ^ "Myntra launches 'Fashion Superstar', world's first digital fashion reality show". afaqs! . Retrieved 23 October 2019.
  36. ^ "Myntra launches 'Fashion Superstar', globe's first digital fashion reality show". Indian Boob tube Dot Com. 10 September 2019. Retrieved 23 Oct 2019.
  37. ^ "Myntra's reality evidence Fashion Superstar volition augment the influencer market". Moneycontrol . Retrieved 23 October 2019.
  38. ^ a b "The Zoom Studios, Myntra bring together hands to launch digital fashion reality show". The Economic Times. 24 June 2019. Retrieved 23 Oct 2019.
  39. ^ "Myntra Fashion Superstar: Top looks from the 3 judges that nosotros are crushing on". www.timesnownews.com . Retrieved 23 October 2019.
  40. ^ "Myntra aims to boost engagement on app with offset-always digital mode reality evidence 'Fashion Superstar'". Indian Television Dot Com. xi September 2019. Retrieved 23 Oct 2019.
  41. ^ Tiwari, Saumya (13 September 2019). "Influencers drive fashion buying, says Myntra-Jabong's Nagaram". Livemint.com . Retrieved 23 October 2019.
  42. ^ IANS (xxx June 2019). "Sonakshi Sinha to Gauge Digital Fashion Reality Testify 'Myntra Fashion Superstar'". India.com . Retrieved 23 Oct 2019.
  43. ^ www.ETTelecom.com. "Afterward Flikpart, online retailer Myntra under ED lens for FEMA breach | ET Telecom". ETTelecom.com . Retrieved two March 2016.
  44. ^ "Enforcement Directorates probe on e-comm cos gathers steam". world wide web.moneycontrol.com . Retrieved 2 March 2016.
  45. ^ "We take no loos, basic facilities, complain Flipkart delivery boys - Times of India". The Times of India . Retrieved 2 March 2016.
  46. ^ "Over 400 Delivery Staff of Flipkart & Myntra Keep Strike. Their Ask? Toilets". NextBigWhat. 31 July 2015. Retrieved 20 October 2020.

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Source: https://en.wikipedia.org/wiki/Myntra

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