Myntra may take over another online business in one year

Leading fashion and lifestyle e-commerce platform

Myntra.com is looking at taking over another online business after acquiring US-based technology platform provider Fitiquette and sports apparel retailer SherSingh over last year. It would take over the next business over the next 12 months. On the online business front, Myntra is doing annual sales of around Rs 800 crores witnessing a growth of 15 to 20 percent.

The company has seen the growth momentum being driven from Tier II, III cities. While, earlier top 10 cities used to contribute 60 percent of its revenues, now it accounts for only 45 percent. The advent of shopping through mobiles has also helped in achieving higher sales. Myntra generates about 15 percent revenues through mobile platform.

Despite the fact that e-commerce market in India is yet to take off, online shopping portals are buoyant about its growth prospects. With a rise in e-shopping in smaller towns along with metros has lead to many new e-portals jumping in the market to grab eyeballs and market pie. However, experts believe that those with strong backing, right management, right infrastructure and funding will be able to sustain in the long run.