Myntra likely to find a partner in Premji | Digital Marketing Agency India

Myntra likely to find a partner in Premji

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Indian business tycoon Azim Premji is all set to make a grand foray into the country’s e-commerce arena. His company is in talks with Myntra, the popular fashion website to seal a $50 million (Rs 300 crore) deal. With a property of over $1 billion for private investments, his company PremjiInvest is warming up to enter the industry of domestic e-commerce, an area that was so far monopolized by foreign investors.
 
The company may tie up with British investor CDC as far as fundraising in the latest round is concerned. TOI reports that Myntra’s valuation may go up to around $250 million. The two US investors, Accel Partners and Tiger Global are also expected to chip in for the funding. The business has not yet been finalized as one of TOI’s sources declared. "Premji's family office is in the reckoning but the transaction is not yet closed. There are a bunch of other investors putting in money as well”.
 
Myntra, founded by IITians Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena in 2007, has come a long way from being a personalized gifting portal to a fashion retailer. It does an annual business of a staggering $120 million by offering multi-brand fashion merchandise online. Myntra is hailed the country’s largest fashion and lifestyle e-tailer, way ahead of another online fashion king Jabong. Bansal told TOI that Myntra is looking forward to earning around Rs 2,500 crore by the end of 2015. He also added, “At an appropriate time, we may raise money with the right set of investors”, stressing on the fact that Myntra was discussing the business with a number of investors.
 
With an estimated net worth of $14 billion, the fourth richest man in India came up with the partnership just when Flipkart managed an astounding $360 million from investors that signaled the interest of big businesses in large investments. 
Indian e-commerce has seen a 150% growth rate in the last three years, as reports by KPMG and IAMAI said. Bansal is hopeful that the sale of in-house brands of Myntra will rise considerably in the near future.
 
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