Myntra adopts marketplace route

India’s largest fashion retailer has begun its marketplace, which is another name for warehouse, in four regions. The company has launched these marketplaces in NCR, Bangalore, Mumbai and Surat, with an aim to provide small, medium and boutique brands access to Myntra’s customers, with technology and logistics support, according to company officials.

Further, the marketplace intends to establish an ecosystem for local retailers, boutiques and regional brands based across key shopping hubs with expertise in intricate skills and handwork designs thereby tapping into the locally-flavoured shopping experience.

Talking about the marketplace, Ashutosh Lawania, co-founder of Myntra said: "The launch of our marketplace is imperative to our next phase of growth." Myntra has been growing at a good pace and in February it got Rs 300 crore fund from Premji Invest and some other funders. The company was launched in 2007 and since then it has raised close to $75 million from investors, including Accel Partners and Tiger Global.

Myntra has about 100 sellers on board and aims to increase this number to 1,000 by fiscal end. ”Our marketplace is currently operational in Delhi-NCR, Bangalore, Mumbai and Surat. We will expand to cities like Varanasi, Jaipur and Kolkata to give small, medium and boutique brands access to a huge customer base,” he said. The marketplace model will also help the firm increase its offerings for authentic ethnic wears, Lawania said.

Mukesh Bansal, CEO and co-founder of Myntra, had said that the funding will help Myntra to strengthen its technology, infrastructure, customer experience and fund future growth initiatives.