Myntra, an India-based fashion marketplace owned by e-commerce company Flipkart, is set to welcome at least 15 to 20 local fashion startups to its Brand Accelerator, LiveMint reported yesterday.
The accelerator program was launched in December 2016. Myntra hopes to boost the valuation of participating startups to between $500m and $1bn over three years.
The company will forge strategic partnerships with these startups, providing access to its distribution network while benefitting from the addition of clothes designers to its platform. Myntra will invest in the startups, though it has not disclosed details yet.
The accelerator is part of a wider strategy that also includes Myntra’s aim of attracting more international producers to its marketplace in 2017 and identify technology businesses that could improve its offering through services such as personalisation.
Additionally, Myntra is considering launching a range of additional own-label brands.
Ananya Tripathi, strategy head at Myntra, said: “One of the big bets we are making is with the Brand Accelerator. We are getting into strategic partnerships with at least 15 to 20 (local) brands – many of these export houses do great quality manufacturing.
“What we have is the distribution, which is 18 million customers. So, what we are saying is, ‘why don’t we come together in a partnership?’ And we are going to invest through our platform in 15 big brands in our country and together we will try to get to a point where in 3 years Myntra has helped create an ecosystem of local brands.”