Table of Contents
Myntra-success-story- Bio, facts, Net worth, Business, Income, Growth, Investments, Challenges Faced. Mission and Vision.
These days, we may sit in one area, peruse the leading global fashion labels, and have our preferred goods delivered straight to our doors. As we all know, Myntra is one of the most well-known brands in the Indian eCommerce sector, thanks to the growth of e-commerce and the popularity of online shopping.
In 2007, Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena launched myntra. The largest online fashion store in the country, Myntra, is dedicated to giving you an easy and enjoyable shopping experience. With a wide range of brands and products, they make it easy for everyone to get the newest and most stylish fashion items. Myntra wants to use the power of fashion to empower people all around the country by becoming a sophisticated and practical one-stop shop for all your needs.
One of the biggest online retailers of clothing and lifestyle goods in India, Myntra offers a huge selection of items for men, women, and children. High-end clothing, name-brand shoes, purses and backpacks, cosmetics and personal hygiene items, living and home furnishings, and more are sold there.
One of the biggest e-commerce businesses in India, Flipkart, is the parent company of Myntra. Since the e-commerce behemoth bought Myntra in 2014 for an approximate sum of Rs 2,000 crore, Flipkart has been the parent company of Myntra. There was cash and stock involved in the deal.
With a focus on Gen Z and Y, or the millennial generation, Myntra caters to both young and old Indians and offers a large selection of fashion products from international brands. One way to describe all of these Myntra is as an all-in-one store for Indian fashion.
According to Mordor Intelligence, the Indian e-commerce market is likely to grow rapidly, with a forecast valuation of USD 92.95 billion by 2023. According to the analysis, the market will grow rapidly, reaching a predicted value of USD 246.10 billion by 2028.
From 2023 to 2028, this translates into an impressive Compound Annual Growth Rate (CAGR) of 21.50%. This noteworthy development trajectory demonstrates how, as a result of shifting consumer preferences, digitization, and technological advancements, e-commerce is growing in popularity within the Indian market.
Myntra was founded by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena.
Mr. Mukesh Bansal
Mukesh Bansal, Myntra's co-founder, grew up in Haridwar, Uttarakhand. He holds a Computer Science degree from IIT Kanpur and has worked as an Analyst, Engineer, and Product Manager for a variety of firms, including Deloitte, Nextag, Ewanted.com, Centrata, and NewScale.
In 2007, Bansal co-founded Myntra, which was ultimately acquired by Flipkart after he left. Bansal went on to start Curefit in April 2016, and he is currently a co-founder of Cult.fit (previously Cure.fit).
Mr. Ashutosh Lawania
Myntra co-founder and angel investor Ashutosh Lawania. Ashutosh graduated from IIT Kanpur and worked as a Software Engineer for several startups. Lawania was a co-founder of Myntra until leaving in 2017. Up until her departure in 2017, Lawania was a co-founder of Myntra. Lawania is a co-founder of MFine and Bytedge Solutions, two other companies that he helped build with his brilliant entrepreneurial mind.
Mr. Vineet Saxena
Vineet Saxena, another IIT Kanpur alumnus, is a co-founder of Myntra. Saxena began his career as a Software Engineer with Tech Mahindra at British Telecom. Saxena then worked as a Product Engineer for Pramati Technologies for two years before moving on to Tavant Technologies as an Associate Architect.
Saxena opted to co-found Bytedge Solutions after gaining over 4 years of expertise in her previous company. Myntra was Saxena's second startup; he eventually departed the company in 2011. Soon after, however, he co-founded and served as CEO of IndusDiva.
This technology entrepreneur left the company in September 2020 and co-founded another company, Card91, where he is currently a co-founder.
An alumni of NIT Calicut and IIM Bangalore, Sankar founded Engineering Exam Prep to launch his business. After a while, he decided to step down and work as a Senior Software Engineer, Technical Leader, and Associate Project Manager for a number of organizations, including IT Solutions, Trigyn Technologies, and Tavant Technologies.
Later, Bora was a co-founder and vice president of sales and operations of Myntra. Following his departure from Myntra in 2010, Bora held various positions including those of Chief Operating Officer of AEON Learning, Co-Founder & Chief Operating Officer of Miraistore.com, Mentor and Strategic Investor at Flemingo Hospitality Services Pvt. Ltd, and Founder & Chief Operating Officer of DealShare.in, which he continues to hold.
Following her time as a product manager at Xora and IPTouch Inc., Raveen Sastry co-founded Myntra. Following his departure from Myntra, Sastry went on to co-found Babyoye.com and Hoopos.com, where he was also the Head of Product in addition to his co-founder role.
The next business that Sastry started was called NudgeSpot. After serving as General Manager at Boomtrain and Vice President and Strategic Advisor at Zeta Global, Raveen left NudgeSpot to become a Founding Partner of Multiply Ventures.
Currently, Myntra employs 1,001–5,000 people.
Mukesh Bansal's experience with Myntra began following his stay in Silicon Valley. In order to start his own business in India, he left his job in the US in 2007. He looked into both offline and online industries and regularly visited shopping centers to gather ideas for tailored experiences.
The pivotal moment came when they paid a visit to a deserted business district in Pune. After seeing unsold inventory in physical stores, Bansal came up with a better idea: selling these products online. After coming to this conclusion, Myntra evolved into a platform that offered not just these products but also shoes, accessories, and apparel, thereby revolutionizing online shopping.
As a co-founder, Mukesh Bansal assisted those with a background in software engineering in achieving their entrepreneurial objectives. Myntra focused on B2B sales of personalized gift items that could be requested on demand between 2007 and 2010. The company shifted its focus from business-to-business to individual client service over time.
Myntra achieved a significant milestone in 2012 when it expanded its range of products to include 360 Indian and international brands. This marked a significant milestone in Myntra's growth into the biggest B2C fashion eCommerce marketplace in India, concluding an amazing journey of success and metamorphosis from a B2B company.
With the largest selection of brands and goods on its web, Myntra aims to give customers nationwide a hassle-free and delightful shopping experience.
On January 30, 2021, Myntra made the decision to change their logo after receiving a complaint alleging it was derogatory to women. Women's legs were seen to be represented in the Myntra logo. In the wake of the uproar over the Myntra logo, the online shopping app changed the logo across all of its materials, including its website and app.