Its time we had some funding news for Indian startups. Myntra has raised a cool $ 5million fundingÂ led by NEA-IndoUS Ventures and IDG Ventures along with Accel India Venture Fund. Vani Kola, Sudhir Sethi and Gagan Kumar from NEA, IDG and Accel respectively will come on Myntra board.
This funding validates that online Tee and other gifting items printing is a fast becoming a big business. Myntra were seed funded earlier and this series A definitely a shot in the arm, especially considering recent no-so-favorableÂ market conditions.
Myntra plans to expand in top 10 Indian cities in coming months and will be opening up regional offices across these cities. The funding will primarily be used to hire personnel across these locations as well portfolio expansion.
Myntra has also recently diversified into embroidery as well as embossing on various products.
All in all, I think this is one startup that seems to have got things (or should I say funds) in place to not only weather the recent turmoil, but get far ahead of its competition (which is incidentally quite crowded).
Well done Myntra team !