Myntra gets $50M while Jabong raises another $100M in a tightly contested fashion eCommerce race in the Indian eCommerce SpacePosted: February 17, 2014
Earlier this month, news around funding rounds of two of India’s leading eCommerce sites put to rest (at least for sometime) any rumors of an impending funding crunch for Indian eCommerce start-ups. Sure, it is debatable whether they are start-ups anymore, with both Myntra and Jabong rumored to be doing revenues north of $100M.
Myntra , one of the first movers is today estimated to be doing over 50M site visits every month . There have also been reports of a possible merger with Flipkart, India’s largest eCommerce company in a move to consolidate market share leadership.
Around the same time, Myntra’s close cousin in the Indian eCommerce space , Jabong, supported by German internet incubator Rocket Internet reportedly raised a $100M round from British investment firm CDC Group.
Both companies have been working on several strategies to increase penetration in suburban locations as well as exploring marketplace models for leveraging adjacent opportunities outside conventional B2C channel.
It would be interesting to watch how this game plays out in a fast growing yet increasingly crowded apparel focused eCommerce turf in India.
Solveda was a Product Display Partner at Techcircle eCommerce Forum 2014 . Here are some pics from the event :