Myntra is an Indian fashion e-commerce platform based in Bengaluru, Karnataka. It was founded in 2007 by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena. Myntra was acquired by Flipkart in 2014 and is now a subsidiary of the Walmart-owned company. The platform offers a wide range of fashion and lifestyle products, including clothing, footwear, and accessories for men, women, and children.
History and Funding
Myntra started as an online portal for personalized gift items before pivoting to fashion and lifestyle products. In 2011, the company received its first round of funding from Accel Partners and Tiger Global, raising $5 million. In 2012, Myntra raised an additional $20 million in its series B funding round led by Tiger Global with participation from Accel Partners and IDG Ventures.
The platform continued to grow over the years, attracting more investors and raising additional funds. In 2014, Myntra was acquired by Flipkart for an estimated $300 million. Flipkart, in turn, was acquired by Walmart in 2018 for $16 billion, making Myntra a subsidiary of the American retail giant.
Performance and Layoffs
Despite its success in the Indian e-commerce market, Myntra announced layoffs in July 2023, impacting 50 employees based in Bengaluru. The layoffs were attributed to the company’s plans to revamp its private label strategy and streamline its operations.
According to an article in The Economic Times, the layoffs would affect around 10% of Myntra’s workforce in Bengaluru. It was also reported that the company was offering additional benefits to the impacted employees, such as extended medical insurance and job search assistance.
Statement from the Company
In conclusion, the layoff news at Myntra has come as a surprise to many as the company has been performing well in the Indian e-commerce market. However, the company’s decision to revamp its private label strategy requires streamlining its operations, which has unfortunately resulted in job losses for some employees. Myntra remains committed to providing the best customer experience through its platform and supporting impacted employees in their future endeavors.