Azim Premji’s PremjiInvest to Pick Up Stake in Myntra: Report
Billionaire Azim Premji’s investment firm PremjiInvest is likely to lead a $50 mn funding round in e-commerce company Myntra, according to a report.
PremjiInvest, with a corpus of over $1 bn for Private Equity investments, is llikely to be a co-investor in the round which might also include CDC, a british investor, valuing Myntra at about $250 mn, the Times of India reported citing a source.
Existing investors Accel Partners & Tiger Global will also participate in the round, the report said.
So far, the company founded by Mukesh Bansal has raised about $40 million from venture capitalists. Myntra secured $20 million funding in a round led by Tiger global in February last year. The company had earlier raised $14mn in November and $5 million from NEA- IUV, IDG Ventures and Accel in 2008.
In April, the fashion & lifestyle portal had acquired Fitiquette, a company developing virtual fitting rooms. The company had also acquired Exclusively.in, a New York based private label ecommerce portal.
Premji, who made his billions from IT services firm Wipro, had made an investment in offline retail chain Subiksha in 2008 but that did not end well. Subiksha shuttered stores and went under a pile of debt in a few months. A row between Azim Premji & the Chennai based retail chain is in the court now.