Tag: myntra ceo

  • Nandita Sinha: The CEO OF Myntra Redefining E-commerce in India

    Nandita, a young girl riding a moped through rough rural tracks, visiting scores of Kirana stores daily to learn about customer needs. That is the same girl who is now a famous leader, driving one of India’s largest fashion e-commerce platforms, Myntra to new heights. Nandita Sinha is a woman whose career is a compelling story of grit, intelligence and innovative leadership.

    Nandita’s journey from her Lucknow beginnings to being CEO of Myntra is one of fearless choices and a steadfast dedication to excellence. An alumnus of IIT BHU and FMS Delhi, she has overcome the challenges at FMCG giants like Unilever and Britannia, was successful at Flipkart, and now leads Myntra to redefine fashion e-commerce.

    In this StartupTalky story, we’ll look at how Nandita Sinha, who led Myntra, turned it into a global platform for international brands and technological innovation.

    Nandita Sinha Biography

    Name Nandita Sinha
    Profession Businessperson
    Position CEO of Myntra
    Nationality Indian
    Hometown Lukhnow
    Education Faculty of Management Studies and IIT Varanasi

    Nandita Sinha – Early Life and Education
    Nandita Sinha – Career
    Nandita Sinha – Myntra
    Nandita Sinha – Awards and Recognitions
    Nandita Sinha – Interesting Facts

    Nandita Sinha – Early Life and Education

    Although she is a very accomplished business leader, Nandita Sinha could not have become what she is today without her early life and education. Nandita was born and raised in Lucknow, India, in a family that loved education. Unsurprisingly, education was a cornerstone of her upbringing, having her household filled with very educated people, many of them having PhD, physicians, and engineers. This environment also suggested a strong foundation for her academic journey since it built in her mood of curiosity and quest for cognition from a young age.

    Nandita says her mother, a physics teacher, was incredibly influential in her early years. As she grew, she was surrounded by intellectual curiosity and critical thinking bolstered by thought-provoking discussions and academic debates. Her studies weren’t just what she discussed with her peers but also what she and her peers discussed about the world, science, and technology. Her family pushed her to talk in conversations where she was allowed to break all the rules, including respectfully disagreeing with her parents. Her confidence and ability to think independently were nourished by being open-minded.

    Right from the start, Nandita’s academic reputation was recognised. She then continued to study at the prestigious Indian Institute of Technology BHU (now IIT Varanasi) for her undergraduate degree in Ceramic Engineering. It was a bold choice for a woman because very few women at the time chose this branch of engineering. However, it was far from conventional to pick ceramic engineering as a course at IIT BHU, and it was something Nandita was interested in trying out without any second thoughts.

    It was transformative for her at IIT BHU. She further honed her problem-solving skills, intellectual discipline, and work ethic in one of India’s best of what they have to offer (or at least was/is then) in terms of a rigorous academic environment at one of India’s top institutes. 

    Nandita was a student of IIT BHU, which had one of the most challenging curricula and a student body that encouraged critical thinking. This was the perfect place for her to grow academically and personally. While there, she excelled in her studies and absorbed the spirit of innovation and entrepreneurship, which would later characterise her career.

    Right after completing her B.Tech, Nandita was ready to conquer the world with her rock-solid academic base plus some considerable purpose. From here, her journey would take her into the corporate world, where her education and the values of courage and determination she had learned in her formative years would lead her to become the influential business leader she is today.

    Nandita Sinha – Career

    Nandita Sinha’s professional career marks her resilience, intelligence and ability to adapt to varied challenges. In 2004, she joined Unilever as a trainee manager. Nandita’s exploration in this role was exciting and formative, exploring facets from sales to marketing. It wasn’t just professionally enriching but personally transformative as she ventured into rural markets, riding on a broken-down truck on a moped and speaking to at least 50 Kirana store owners a day. However, these challenging but insightful interactions helped her hone her communication, negotiation and relationship-building skills, which became key components of her leadership style.

    Nandita gained much experience and joined Britannia Industries, where she learned about consumer behaviour and market dynamics. Britannia and four good years at Hindustan Unilever Limited (HUL) have given her a grounding to handle challenging corporate problems. Over these years, she greatly benefited from the mentorship of seasoned sales officers who shared decades of wisdom and experience. 

    She believes this is where she’s reached a mental toughness and preparedness that will allow her to handle the tougher roles she will have in the future.

    When Nandita set up the e-commerce program MyBabyCart, a baby product e-commerce platform, her entrepreneurial spirit emerged. Though the venture failed, it was an audacious choice to show that she was not afraid at all with her career choices. While she sought to balance her professional aspirations against the personal imperatives of new motherhood, she braved the dynamic startup ecosystem. It might have seemed like a short stint, but it was an invaluable experience in the world of e-commerce and digital retail.

    Nandita joined Flipkart, India’s largest e-commerce platform, in August 2013. As an Associate Director, she began as a veritable whirlwind, handling the health and beauty verticals. Over her 8.5-year stint at Flipkart, she held a number of strategic roles, which helped us grow our Flipkart portfolio. She was the backbone of the organisation. Her capacity to spot opportunities and drive innovation while utilising her ability to accomplish strategies with precision was unmatched.

    In January 2022, Nandita became CEO of Myntra, a fashion and lifestyle subsidiary of Flipkart. It was a new chapter in her career, and she was leading one of India’s most renowned fashion e-commerce platforms. During her time as Myntra’s CEO, she saw the business grow in leaps and bounds and made it a lean, fast-moving organisation.

    When Nandita joined Myntra, the platform had around 280 international brands. By 2023, we were at 420, which was very much by design because she was determined to scale the platform’s global footprint. She also led the vertical integration of beauty products, making beauty Myntra’s fastest-growing category. Myntra Beauty was her vision to redefine the online beauty market and take it to phenomenal growth.


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    Key Traits and Achievements

    Her colleagues say Nandita’s career was defined by a rare combination of intelligence, grit, and empathy. Through the companies she has been a part of, her ability to think big while solving real-world problems has turbocharged various businesses. She has come up the ranks so fast and accomplished so much, but she is still very humble. She has always been ready to help others succeed and, as a result, is a respected leader in the industry.

    Philosophy and Legacy

    Nandita’s mantra for success is simple yet powerful: “Fear not; take every opportunity you find and use them.” She views challenges as opportunities and has an always forward, on-the-attack, adventurous spirit to take on obstacles.

    She prefers to be known as an achiever, not a role model, highlighting her emphasis on results rather than accolades. Nandita Sinha’s journey has left an indelible mark on every organisation she has worked in and has set a benchmark for aspiring professionals and young women worldwide.

    Nandita Sinha – Myntra

    Myntra, one of India’s fashion and lifestyle platforms, will appoint Nandita Sinha as its Chief Executive Officer (CEO) on January 1, 2022. Her journey to the top of Myntra was one of hard work in the e-commerce and FMCG industry, where she gained experience in strategic planning, business development, and marketing innovation.

    Sinha has helped Myntra strengthen its position in the highly competitive fashion industry. Her visionary approach has seen the platform reach a new phase of growth, with an emphasis on user engagement, technological advancement, and Myntra’s value proposition for its fashion-forward customer base.

    Sinha contributed to Myntra’s portfolio diversification, which includes more than 6,000 brands, including global names such as H&M, Levi’s, U.S. Polo Assn, Tommy Hilfiger, MANGO, and Marks & Spencer. By fostering robust brand tie-ups, Myntra has been able to serve a wide demographic by offering premium and diverse fashion options to customers across the country.

    Under her guidance, Myntra has expanded its operational footprint from 19,000 pin codes across India. This has further reinforced its accessibility and reach in both urban and rural areas, making Myntra available to customers from all around the country.

    Myntra weathered the challenges, and its revenue for FY23 was INR 4,375.3 crore, showing that it’s a strong market player. However, it also noted that the e-commerce fashion sector was competitive and resource-intensive, resulting in a loss of INR 782 crore. Through these dynamics, Sinha has been instrumental in steering the company on long-term growth strategies.

    Sinha has been a key driving force behind Myntra’s innovative initiatives, using technology and consumer insights to develop a better user experience. Myntra has risen as a leader, and this is all thanks to her efforts and a growing user base.

    Sinha was recently given the extra responsibility of heading Flipkart Fashion and serving as the CEO of Myntra, a testament to her leadership capabilities. Sinha’s appointment comes after the exit of Arief Mohamad, Flipkart’s Vice President and Head of Fashion, which speaks to the trust and confidence the Flipkart Group has in her. While this expanded role, Flipkart Fashion and Myntra will continue to operate as separate entities, with Sinha providing strategic direction, as a whole, to the fashion segment within the group.

    She has always been vocal about her commitment to democratising fashion in India. Her philosophy of leadership is to blend consumer-centric innovation with sustainable growth. With Myntra and Flipkart Fashion, she is doubling up to lead. Her focus is on creating memorable customer experiences, building strategic brand partnerships, and using the power of the Flipkart Group to create new benchmarks in the fashion industry.

    Under Nandita Sinha’s leadership, Myntra has been transformed— growing, innovating, and expanding the market. While managing Myntra and Flipkart Fashion, her strategic insights and deep understanding of the e-commerce landscape promise to steer the Flipkart Group’s foray into fashion to a bright future.


    Myntra: The Brand Which Revolutionized the Online Fashion Industry | History | Founders | Business Model | Funding | Revenue | Owner
    Myntra is one of the leading eCommerce brands in India. Here’s an insight into how Myntra became a go-to online shopping fashion store for India. Learn more about Myntra, its success story, founders, business model, history, funding, growth, future plans, and more.


    Nandita Sinha – Awards and Recognitions

    • Featured by the Economic Times in its ‘Women Ahead’ list
    • She is part of the Forbes 2024 W-Power List
    • ‘Women of Worth’ recognition by Forbes India
    • People Focused CEO of the Year for our CEO, Nandita Sinha
    • Silver Award for Excellence in Cultivating a Culture of Trust and High Performance 
    • Bronze Award for Excellence in Employer Branding
    • Recognised on the esteemed The Business of Fashion class of 2024
    Nandita Sinha in Forbes 2024 W-Power List

    Nandita Sinha – Interesting Facts

    • Before her corporate success, Nandita co-founded MyBabyCart.com, an e-commerce platform focused on baby and maternity products. Although the venture was short-lived, it drilled the entrepreneurial skills into her and paved the way for doors in the startup world.
    • While at Flipkart, she handled many roles in different categories, such as health and beauty, books, FMCG, home, and furniture.
    • Early in her career, Nandita spent months on a moped navigating rural areas, talking to Kirana store owners, which was key to her sales and customer understanding.
    • Under her leadership as CEO, Myntra’s international brand portfolio expanded from 280 in 2021 to 420 by 2023. She also helped the platform thrive in beauty, its fastest-growing category.
    • Nandita specialised in marketing and customer engagement and was instrumental in Flipkart’s iconic Big Billion Days sale.
    • An alumna of the Indian Institute of Technology (BHU), Varanasi and the Faculty of Management Studies (FMS), University of Delhi, Nandita has a BA in Marketing and Strategy.
    • Nandita, though, is humble and doesn’t want to be a role model; she wants to be a woman achiever.
    • In fact, during her thirteen years in the company, she had the privilege of working with senior sales officers of Hindustan Unilever Limited, who spent a lot of time in their training and debut.
    • Much of her professional life is in the spotlight, and she has been able to keep much of her personal life, including details about her family and husband, private.
    • “As a leader, she has a combination of intellect, grit and empathy, which is rare,” say colleagues and industry professionals, including Flipkart Group CEO Kalyan Krishnamurthy, adding that she is a force to be reckoned with in the business world.
    • At Myntra, Nandita leads the company’s core mission with a leadership vision to make fashion accessible to all.
    • Nandita is famous for her adventurous outlook on life and work. She is also known for being head-on and a wake-up call!

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    FAQs

    Who is the present CEO of Myntra?

    Nandita Sinha is the present CEO of Myntra.

    Where is the hometown of CEO of Myntra?

    Nandita Sinha, the CEO of Myntra, is from Lucknow, India. 

    Which college did Nandita Sinha went to?

    Nandita holds an MBA in Marketing & Strategy from Faculty of Management Studies (FMS) and a BTech from Indian Institute of Technology (IIT) BHU.

  • Myntra: Subsidiaries And Acquisitions

    Myntra is India’s favorite shopping platform for customers who believe in quality over perfection. When we talk about fashion and online shopping, the first thing that comes to our mind is Myntra. Myntra in its initial days started selling personalized gift products to the largest fashion site in India. Along the journey Myntra acquired a lot of subsidiaries that helped in growing its business.

    Myntra – An Overview
    Myntra – Business Plan
    Myntra – Facts & Figures
    Myntra – Subsidiaries and Acquisitions
    Myntra – Other Acquisitions
    Myntra – Major Investors
    Conclusions
    FAQs


    Myntra – Bringing top-notch fashion with every click
    Myntra today is the most popular online shopping portals in India. Read about Myntra’s founders, funding and business model.


    Myntra – An Overview

    • Myntra, an Indian e-commerce fashion company is located in Bengaluru, India. The company was launched in 2007 to sell personalized gift items.
    • Founded by Mukesh Bansal along with co-founders Vineet Saxena, and Ashutosh Lawania. In its initial days, Myntra sold on-demand personalized gift items.
    • From 2007 and 2010, it mainly operated on the business-to-business model.
    • Myntra began selling fashion and lifestyle products and moved away from personalization in the year 2011.
    • By the year 2012, Myntra started offering products from 350 Indian and International brands that are more in demand in the clothing market.

    Myntra – Bringing top-notch fashion with every click
    Today, we can sit in one space and browse through the top and internationalbrands and also get it delivered right to our doorstep. Thanks to onlineshopping. One of the most prominent names in this industry, as we all know isMyntra. Myntra was established by Mukesh Bansal, Ashutosh Lawania and Vin…

    Myntra – Business Plan

    Myntra earns by following an aggregator model. The main business plan of Myntra is to buy the latest merchandise and selling it to the customers. Buying current season merchandise from several popular and quality brands, and making the product/item available on its website. The main earning of Myntra comes from the commission. Myntra follows the B2C (Business to customer) revenue model to generate revenue and increase its sales.

    Before discussing its subsidiaries and acquisitions, let us understand what is meant by Subsidiary.

    What is a Subsidiary?

    A subsidiary, subsidiary company, or daughter company is a company that is owned or controlled by another company, which is called the Parent company, Parent, or Holding company.

    The subsidiary can be a company, corporation, or limited liability company.

    When company A owns/acquires more than 50% of the voting stock of another company B, then in such circumstances company B becomes the subsidiary of Company A and obtaining control of its operations.


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    Myntra – Facts & Figures

    The Co-Founder of Myntra- Mukesh Bansal
    • Flipkart acquired Myntra in 2014 for a record-breaking deal valued at ₹2,000 Cr ($280 million).
    • At the time of acquisition by Flipkart, Myntra had a total of 1,50,000 products of over 1000 brands, catering to over more than 9000 pin codes in India.
    • Ananth Narayanan became the Chief Executive Officer (CEO) of Myntra replacing co-founder Mukesh Bansal in 2015.
    • On 10th May 2015, Myntra announced to shut down its website to solely focus on serving its customers through mobile applications starting from 15th May 2015. This decision resulted in failure.
    • Acknowledging the failure of the application-only model, Myntra announced to revive its website in Feb 2016.
    • Myntra functions and operates independently after the acquisition by Flipkart. Myntra still continues to operate as a standalone brand under Flipkart by solely focusing on fashion-conscious customers.
    Flipkart acquired Myntra in 2014

    Myntra – Subsidiaries and Acquisitions

    Below are the details of the acquisition and deal dates when the deal got finalized.

    Company Name Deal Date
    Online Services Pvt. Ltd. August 01, 2018
    Withdraw April 16, 2018
    20Dresses November 29, 2017
    InLogg April 19, 2017
    Jabong July 26, 2016
    HRX July 20, 2016
    Cubeit July 12, 2016
    Fitiquette April 04, 2013
    Exclusively November 09, 2012

    Myntra Acquisitions

    The Important and Deal breaking Acquisition under Myntra are:

    • HRX
    • Jabong
    • Fitiquette
    • Roadster

    Here, we’ve tried to mention some of the companies acquired by Myntra, their functioning, and operation under Myntra.

    Fitiquette

    The company is located in Sans Francisco. Fitiquette is the world’s first virtual dressing room platform that enables online shoppers to virtually try before they buy option. It provides an online shopping experience that is very similar to the offline model like buying from the stores.

    The technology used in Fitiquette shows virtual mannequins based on the body types of the users. This can further adjust the specific measurements of the users based on their body until it closely mirrors their own. The unique thing about this technology is that the clothing chosen is represented as the best fit based on a series of measurements. (Example. S, M, L, XL).

    Thus, the technology uses machine intelligence enabling it to offer a true-to-size, visual fitting experience. Fitiquette uses a patented technology that gives users a 360-degree view of the fit and drape of a garment based on their own customized selected merchandise.

    Roadster

    Myntra owns the fashion brand Roadster, Myntra’s outdoor lifestyle brand which was launched in December 2012. It generates close to 7% of the total sales.

    Myntra’s lead designer for the Roadster brand is the famous Vanni Lenci. Roadster has launched an all-new licensed Roadster MotoGP collection. It is the first Indian brand to enter into an exclusive collaboration with the world’s premier motorcycling championship, MotoGP on Aug 18, 2016.

    It is quite surprising that, despite having Deepika Padukone’s “All About you” and Hrithik Roshan’s “HRX” brands in its pocket, Roadster is the biggest moneymaker for Myntra.

    Pretr Online Services Pvt. Ltd.

    Pretr Online Services Pvt. Ltd. is India’s first-ever end-to-end omnichannel platform for retail. Pretr (prettier) was launched in 2016 by two technology executives Bhavik Jhaveri and Ankur Joshi. Pretr is currently operating from Mumbai, India.

    Pretr is a marketplace that provides a seamless shopping experience to customers. It is an efficient selling platform to Fashion & Lifestyle Retailers which include Esprit and Mango. Myntra’s own private labels such as HRX and Moda Rapido uses Pretr’s technology platform. This technology platform helps retailers with a bunch of services, including order management and store analytics.

    Jabong

    Myntra Subsidiaries Jabong
    Myntra Subsidiaries Jabong

    Xerion Retail Private Limited, also popularly known as Jabong, was a private company that was located in Gurgaon, Haryana. It was launched on 23 September 2011. It was classified as a private limited company. Jabong operated only on online fashion and lifestyle stores. It sold numerous products ranging from clothing, bags, shoes, sunglasses, jewellery, watches, and many more.


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    Jabong was acquired by Flipkart in July 2016 through its eCommerce unit Myntra for $70 million. Flipkart formally shut down Jabong in February 2020 to shift focus completely on its premium clothing platform Myntra.

    Myntra’s Parent company Flipkart Acquires Jabong

    Witworks Consumer Technologies Pvt. Ltd.

    Witworks Consumer Technologies Pvt. Ltd. is a consumer technology company operating and serving customers across India. Witworks is a maker of wearable devices to strengthen its technology team. The company manufactures wearable products like connected smartwatches, smart shoes, and intelligent clothing with biosensors.

    Myntra has kept its image in providing quality products and merchandise. Myntra has always focused on quality with perfection and has kept a steady customer service. Its business is well-maintained which has to lead to the first click to an online fashion destination. Myntra bought Bengaluru-based startup Witworks in April 2018.

    HRX

    Myntra Subsidiaries HRX
    Myntra Subsidiaries HRX

    HRX is a 5-year-old brand and platform based on a life philosophy to keep pushing. HRX is India’s first celebrity brand that was founded by Hrithik Roshan who is also the brand ambassador for HRX. It is also India’s first homegrown brand that solely focuses on the sports and active lifestyle space. The brand was founded by Hrithik Roshan and co-founders Afsar Zaidi, Kamal Punwani, and Sid Shah. HRX was acquired by Myntra, the online fashion store owned by Flipkart on Jul 20, 2016. It acquired a 51% stake in HRX.

    The company was formed by taking inspiration from Hrithik Roshan’s life. No matter how big adversity, it can be overcome with perseverance. It was created to inspire and guide billions of people. HRX main aim is to help people achieve their fitness goals. HRX is a mission that helps us enable and support people to be the fittest, happiest, and most confident version of themselves.


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    Myntra – Other Acquisitions

    • Myntra acquired Mobile app development company Native5 in April 2015 in order to strengthen and expand Myntra’s mobile technology team.
    • Acquired mobile-based content aggregation platform Cubeit, for strengthening its technology team in July 2016.
    • Myntra partnered with the Ministry of Textiles to promote the handloom industry in October 2017.
    • Acquisition of InLogg, a city-based technology platform that provides end-to-end logistics solutions for the e-commerce sector in October 2017.

    Myntra – Major Investors

    Some of the Major investors and Venture capital firms investing in Myntra are:

    • Accel Partners
    • New Enterprise Associates
    • Tiger Global Management
    • Sofina
    • Kalaari Capital
    • IDG Ventures India
    • PremjiInvest

    Conclusions

    Myntra is India’s favorite shopping destination where quality meets perfection. If you are the one who wants to explore more before buying, want quality products over price, and looking for well-designed products, then Myntra is the best option for you. Myntra has a huge variety of brands. You don’t need to worry about the quality of the products. As Myntra only focuses on quality and authentic products. The products go through a quality check where the products are thoroughly checked. Myntra’s revenue model is B2C (Business to customer). All the products are only available on Myntra’s platform. The products are genuine and are directly collected from the merchandise stores. Enjoy shopping from Myntra.

    FAQs

    Myntra is owned by which company?

    Myntra is owned by Flipkart. Flipkart is Myntra’s Parent Company.

    Does Myntra sell fake products?

    No, Myntra does not sell counterfeit products at all. Myntra is an aggregator and seller of products. If someone gets a bit downgraded product from any of the leading brands, consider it as the brand’s product only.

    Is Myntra good for clothes?

    If you are the one who wants to explore more before buying then Myntra is the best option for you. Myntra has a huge variety of brands.

    Why Myntra is expensive?

    The one things great about Myntra is – the variety and size availability. They are also the market leaders and that’s perhaps the only reason for the pricing. People do buy at Myntra without even looking at other Portals.

    Is Myntra profitable?

    Myntra Designs revenue up 58% to Rs 1,719 crore, losses increase by 38% Walmart-owned online fashion retailer Myntra Designs Private Limited reported its revenues for the financial year 2019-20 as Rs 1,719 crore, a 58% jump since the last financial year.