Bangalore based e-commerce start-up Myntra has raised its third round of funding led by the venture capital firm Tiger Global. This Series C funding amount is being reported as $20 million. This makes the total cash inflow received by Myntra from Tiger Global around $39 million. Myntra had raised $14 million in its previous funding round from Tiger Global, IDG Ventures and IndoUS Venture Partners.
This influx of capital will be earmarked for scaling up the company’s technologies, logistic services and other expansion plans. Myntra.com primarily deals in footwear but have expanded to other categories like clothes and accessories.
Chief Executive Officer of Myntra Mukesh Bansal said, “In total, Myntra has secured $38 million from funding led by Tiger Global. 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.”
The question remains: Will e-commerce survive or is it a bubble?