Online retailer Myntra targets Rs 500 crore revenue

MUMBAI: Despite concerns of over-heating in India's e-commerce industry, Bangalore-based e-retailer Myntra.com is targetting revenues of Rs 500 crore in the next financial year.

According to the firm's founder and chief executive Mukesh Bansal, the firm has doubled its revenue every four months and today delivers 10,000 products a day to 10,000 postal codes.

" This (fashion retailing) is an exciting category with the total market size projected to be over $100 billion in five years with mid single digit portion being online, making this, possibly the largest online category in India," he adds.

Myntra, set up by a group of IIT and IIM classmates has attracted big ticket investors such as Accel (a top Facebook backer) and Tiger Global, four years since its founding. Backed by this funding, the firm had grown ten-fold in 2010. "We have built the largest catalog in fashion and lifestyle category with over 200 brands ... we will continue to invest aggressively in our technology platform, supply-chain and the Myntra brand to rapidly scale the business."

Myntra.com is among the Top 5 e-commerce companies with over 2,00,000 daily visitors to the site. The firm began as an online gifting store, but retooled its focus to fashion and lifestyle in a highly-competitive market. Its re-orientation has worked--investors have poured over $40 million into the business and brands too have jumped aboard.

Now, Bansal will have to sustain this white-hot growth.