India-based Myntra Designs Pvt Ltd, which runs lifestyle e-commerce site Myntra.com, is looking to raise $100m to help it double its sales to $135m (Rs800 crore) in FY14 and to expand to new cities across India. News of the fundraising efforts were first reported by Techcircle.in, however the fundraising has yet to be publicly announced.
As previously reported by Global Corporate Venturing the company has attracted significant capital for its sector in its home market of India including its most recent series C two tranche round of $45m led by Tiger Global last year in addition to $14m raised from Asia investment firm Tiger Global, IDG’s venturing unit, IDG Ventures, and Indo-US Venture Partners (now Kalaari Capital) in March 2011. It also raised $5m in a Series A funding from NEA-IndoUS Ventures, IDG Ventures and Accel Partners in November 2008.
In April of this year, the company used raised capital to acquire San Francisco-based virtual fitting room start-up Fitiquette for an undisclosed sum. It had also acquired for an undisclosed sum in 2012 Exclusively.in Inc., which runs private label brand SherSingh.com and the fashion site Exclusively.in.