Online retailer Myntra is aiming to double its revenues to Rs 2,000 crore this fiscal as it expands its seller base and adds more products. The fashion retailer, which sells products from over 650 brands like Nike, HRX by Hrithik Roshan, Biba and Steve Madden, clocked revenues of about Rs 1,000 crore last fiscal.The company had started the marketplace model earlier this month, while continuing with its own inventory as well. “Currently, about 20 percent of revenue is driven by this (marketplace) model and we expect the figure to grow to about 40 percent by the end of this year,” Myntra co-founder Ashutosh Lawania told PTI. With this model, the aim is to create the country’s largest ethnic wear platform by the end of this year, he added.
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.
The e-Commerce market in India has seen huge growth in the last few years as more people are logging onto the Internet to shop. While apparel and electronics are the best sellers for most e-Commerce firms, other categories like home decor and household items are also popular. The industry is estimated to be worth about $3 billion. Other firms following the marketplace model include players like Snapdeal, eBay and Amazon.