Myntra Founder – The Mukesh Bansal

Mukesh Bansal is an Indian businessman and entrepreneur who founded the Indian fashion E-commerce WebsiteCompany Myntra and currently works as the CEO of cult.fit of which he is also the Co-founder. Mukesh has been listed in the Best 40 under 40 Entrepreneurs by Fortune magazine.

Personal Life of Mukesh Bansal

Child Life and Education of Mukesh Bansal

Mukesh Bansal was born in Haridwar, Uttarakhand. He comes from a middle-class family. He is known for his friendliness and respect. He has a B.Tech in computer science from IIT-Kanpur. After graduating in 1997, he worked with Deloitte as a program analyst at Chicago for two years. Inspired by the dotcom boom that was developing in full San Francisco and moved to the Bay area in 1999. [1] After retiring from the job, which he and his friend started, Mukesh Bansal worked for eWanted, Centrata, NexTag, newScale which were high-profile companies in Silicon Valley. His role in this initiative includes that of an engineer and product manager in all technologies and businesses.

Struggling and Career of Mukesh Bansal  

Mukesh Bansal joined Deloitte in 1997, as a program analyst for two years in Chicago. He was heavily influenced by the dotcom boom that was rising high in San Francisco and moved to the Bay area in 1999. He left his job, starting with one of his friends. He has also worked with various companies such as NexTag (1999-2000), Wanted (2000-2001), Centrata (2001-2004), and Scale (2005-2006) which was the first of its kind in Silicon Valley. He was employed by these companies as an engineer, product manager in all technologies and businesses.

Myntra

Bansal’s experience in Silicon Valley prompted him to introduce Myntra in 2007 along with Ashutosh Lawania and Vineet Saxena. Myntra was originally the start of personalized gifts and eventually became a leading player in the e-commerce category of fashion. In 2014, Myntra was acquired by Flipkart for $ 330 million, the largest e-commerce-related acquisition in India. Bansal continued to chair the board of Myntra and controlled the commercial and advertising space until 2016.

Flipkart

Following Flipkart’s acquisition of Myntra, Mukesh joined Flipkart as Head of Commerce and Advertising Business. In this role Mukesh revived the e-commerce company’s philosophy of talent. Under his leadership, Flipkart has continued to earn $ 5 billion in annual revenue. [19]

Cult.fit

Mukesh launched Cult.fit with Ankit Nagori in 2016. Starting to be strong and healthy, Clt.fit has its own eating umbrella.fit, cult.fit, mind.fit, sugar.fit and care.fit, providing digital and offline digital fitness, healthy eating, and mental well-being. . Cult.fit has raised more than $ 170 million over its first two years of operation. On September 5th 2019, Cult.fit announced the launch of its sports product brand Cultsport. Cultsport offers clothing that works in a variety of exercise formats such as running, field training, and gymnastics.

Olympic Gold Quest

Mukesh is back on the board of the Olympic Gold Quest, a non-profit foundation that promotes sport and sport.

Formation and Work for Myntra

Myntra is an E-Commerce Company Founded by Mukesh Bansal and Ashutosh Lawania and Vineet Saxena; Myntra sells gift items made just for you. It has worked extensively on the B2B (business-to-business) model during its early years. Between 2007 and 2010, the site allowed customers to customize products such as T-shirts, mugs, mousepads, and more.

In 2011, Myntra began selling fashion products and lifestyles and moved away from personalization. In 2012 Myntra donated products from 350 Indian and foreign brands. The website has introduced Fastrack Watches and Being Human.

In 2014 Myntra was acquired by Flipkart in a deal worth ₹ 2,000 crores (the US $ 270 million). The acquisition was influenced by the two main common shareholders Tiger Global and Accel Partners.

 Myntra works and works independently. Myntra continues to function as an independent brand under Flipkart ownership, with a strong focus on “fashion-loving” consumers.

In 2014, Myntra’s portfolio included nearly 1,50,000 products of more than 1000 products, with a distribution area of ​​9000 pin codes in India. In 2015, Ananth Narayanan became the Chief Executive Officer of Myntra.

On May 10, 2015, Myntra announced that it would be closing its website, and will only serve customers with its mobile app starting on May 15. The service has already set up its mobile website in favor of this program. Myntra has justified its decision by saying that 95% of traffic on its website came from mobile phones and that 70% of its purchases were made on smartphones. This action gained mixed acceptance and led to a 10% reduction in sales. In February 2016, acknowledging the failure of the “app-only” model, Myntra announced it would be updating its website.

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In September 2017, Myntra negotiated rights to manage 15 offline stores at Esprit Holdings in India. Myntra reported a loss of ₹ 151.20 crores in the 2017-18 financial year.

In January 2021, Myntra changed its logo, following a police complaint that the logo resembled a naked woman. The complaint was lodged by a woman named Naaz Patel, who runs a private organization called the Avesta Foundation.

Conclusion:-

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