Bangalore based e-commerce firm Myntra.com has raised $21 million in its third round of funding synidcated by venture capital firm Tiger Global.

The capital will be used to grow its technological and logistics services and other expansion plans. Myntra, chief executive officer, Mukesh Bansal, said, “In total, Myntra has secured $38 million from funding led by Tiger Global. We will use the funding for our technological and other expansion plan”. The company, which is into fashion and lifestyle business, has already a warehouse in Bangalore. It plans to start its other two warehousing facility in Delhi and Mumbai soon.

The firm has also received funding from other VCs including IDG Ventures, IndoUS, and Accel partners. It also plans to go public in the next 2 to 3 years. Bansal said, “We are aiming to achieve revenue of Rs 500 crore this year. The current market size for fashion and lifestyle is about 450 billion. It will increase to $100 billion by 2015. And the online market will be about 5 to 8 per cent”.

He said, “Myntra’s major business is from footwear. About 55 per cent of its revenue comes from footwear. Thirty five per cent of its revenue comes from clothing and the other 10 per cent comes from accessories”. Speaking about the direct traffic, he said, the direct traffic is about 45 per cent and the indirect traffic from search and social engines is about 50 per cent.

sameerrbakshi@mydigitalfc.com