Myntra.com receives $ 5 million in funding

BANGALORE, INDIA: Myntra.com, a platform for personalized products, which also handles the on-demand personalization space in India, today announced receiving an investment of $ 5 million.

The Series A round was led by NEA-IndoUS Ventures and IDG Ventures, in which Accel India Venture Fund II (AIVF II) also participated, said a press release. Accel stays invested continuing the prior association with Myntra through Accel India Venture Fund I (AIVF I).

As part of the investment Vani Kola from NEA-IUV and Sudhir Sethi from IDG Ventures will join the company's board of directors. Gagan Kumar from Accel India continues to remain a member of the Board, the release added.

The Series A funding follows the seed funding last year led by AIVF I with participation from Mumbai Angels. The company said that the funding validates the untapped potential that personalized merchandising offers in India.

Commenting on the funding Mukesh Bansal, Founder, CEO of Myntra.com said, "Myntra.com has found growing acceptance among consumers, campuses and companies looking for creative products, gifts and merchandize. We have enabled creative designers to find a hitherto non existing market.”

He added: “The investment received will be used to increase our geographical reach, further expansion of our product portfolio and hiring of a few high quality talent to select senior management positions."

Sudhir Sethi, founder, chairman and managing director of IDG Ventures said: "We found Myntra.com to be significantly ahead of the competition and having a strong and committed founding team, which makes them very well positioned to target accelerated growth in this space."

In her remarks, Vani Kola, managing director for Indo-US Ventures, said, "The initial momentum of Myntra.com clearly points to the latent, untapped potential in the on-demand personalization space.