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SPARK OF THE CORPORATE

Around 25% of our business is coming from mobile platform, and we do expect that number to cross almost 50% in next 18 months…

Mukesh is an IITian who started off Myntra, as an e-commerce company having its core focus on fashion and life style products to cater to the urban crowd. Myntra has its head quarters in Bangalore, Karnataka. Mukesh started off the firm along with two of his other batch mates namely Ashutosh Sac and Rishi Ranjan.

The trio actually wanted to start a company with a focus on personalization of gift items but then the firm now, has its mainstay with branded apparels and fashion accessories.

The recent advancement made by myntra.com was, it has joined hands with Flip kart, another e-commerce biggie which caters to all types of fast moving consumer products like watches, t-shirts, mobile tablets, saris, candle stands and much more. This was to prevent Amazon.com, an international biggie, from dominating the local markets. The merger happened in May 2014. Under the leadership and guidance of Mr. Mukesh Bansal, Myntra went all out to win the best E-commerce site of the year 2011-2012. There is more to go, for the 40 year old young entrepreneur.

Early life and Education

Mukesh Bansal is said to be a native of Haridwar whose father choose a public sector job over a family business. Mukesh Bansal has done his B Tech in Computer Science. He passed out of Indian Institute of Technology, Kanpur. He did his graduation from 1993-1997. He was born and brought in a middle class family who made it big in IIT and also started his own company. He has worked in quite a lot of companies before Myntra took center stage. He had moved to India in the year 2007 and started Myntra. Let us look at his career spark and how it all started off.

The Career Spark

* He initially started off as a System Analyst with Deloitte consulting group, the moment he passed out of IIT. He worked with Deloitee Consulting from July 1997 to May 1999 (1 year and 11 months)

*He then quit Deloitte Consulting to join Nextag, another IT biggie. He worked in the aforesaid firm as a software engineer for about a year, June 1999 to May 2000.

*He then elevated his profile as a Senior Software engineer, and he got placed in Ewanted.com. He worked in the firm from July 2000 to May 2001.

*He then completely changed his career streak to a new dimension, all together. He got placed as a Senior Product Manager at Centrata. He worked there from July 2001 to December 2004 (3 years and 6 months). He was able to get a solid insight on what marketing was all about.

*He then got another big promotion and joined Cisco as the Director of Product Management. He worked there for 1 year and 11 months, Jan 2005 to November 2006.

*Myntra happened in 2007, and there is no looking back, for this young entrepreneur.

His Journey with Myntra

As you might have gone through his career profile, Mukesh always wanted to jump from one company to another. It is pretty evident that he didn’t want to be working under someone and he wanted to start a business enterprise of his own.

As you have already seen in the introductory paragraphs, Myntra was mainly started in the Year 2007. Mukesh, Ashutosh and Rishi started the firm with an aim of providing personalized gift articles. It mainly worked on the B2B i.e. Business to business operational model. Between 2007 and 2010, the online portal was involved in personalizing as many as 15 products. These included t-shirts, mouse pads, calendars, watches, teddy bears, mugs, watches, pendants, wine glasses and jigsaw puzzles. Customers had to order the products from the online portal and the products were delivered right across their door step, within 3 business working days.

Within 3 years since the company started off, it gained more than 50% of market share in the personalization domain. It was involved in personalization of jerseys and jackets of popular Indian cricketers, IPL teams (Indian Premier League) and other foot ball teams as well. This way, Myntra was able to branch out its line of business into high street branded fashion wear.

By 2011, Myntra was having a tie up with more than 350 local as well as international brands including the likes of Puma, Nike, Converse, Adidas, Reebok, Lee Cooper, Numero Uno, Sketchers, Crocs, Fila, Catwalk, Carlton London, etc. It now offers branded t shirts and jeans both for men and women. Jealous 21, Forever New, Lee, Ink-fruit are the typical female brands, Myntra caters to. It deals with fast track watches, as well.

Mr. Mukesh Bansal has been shaping up the e-commerce website in a very good way, indeed. Flip kart had launched a ‘Big Billion Day sale’, giving customers a variety of attractive discounts on products retailed by the e-commerce biggie.

Myntra simply does not want to follow the crowd. Under the leadership of Mr. Bansal, Myntra organized discounts and offers on a wide gamut of products over a few weeks before the onset of Diwali. When Mukesh Bansal was interviewed by the spokesperson from Times of India, he only had one thing to say. He said I don’t want my customers to run behind a one day dhamaka pulling and pushing each other in the online queue. Rather I want my customers to be well-dressed for the festive occasion. The Chief Executive Officer has made a novel move towards customer centricity rather than on simply increasing the sales turnover, which is something really notable. He plans to organize road shows and similar kind of discount mela for upcoming festivals as well.

However Flip kart and Myntra have been merged into one unit, the CEO of Myntra, Mr. Bansal taking care of the core management team of Flipkart-Myntra combine. He is also working towards the scheme of ‘Indian Alibaba’. It simply means you name it and you have it. A-Z of fast moving goods will be captured by both the online entities leaving no room for international markets like Amazon or Ebay to dominate the scene. Four to five years down the line, it should be the Indian based e-commerce websites, which would inevitably be ruling the roost.

The entire project is worth a whooping $100 billion.

Awards and Accolades
Under the leadership of Mukesh Bansal Myntra was awarded the 'Best E-commerce Partner of the year 2011-12' by the famous Puma India.
Myntra saw a merge with the e commerce giant Flipkart in the year 2014.
Myntra is also a leader in the online fashion business and the company launched its first private brand in the year December 2013.
Myntra was also awarded as the one of the ‘Hottest Internet Companies of the Year’ by CNBC - TV18 Young Turks Awards for 2011-12.
It was also awarded with ‘Images Most Admired Retailer of the Year: Non–Store Retail’ for 2012 by Images Group.
It was also awarded with the ‘Pride of India 2009-2010’ for Exceptional Business Growth and ‘Pride of India 2011-2012’ for Most Successful Fundraising by IDG Ventures.
Myntra also won the Red Herring Global 100 Award in recognition of leading private companies from North America, Europe, and Asia, for innovations and technologies across respective industries.
Professional Affiliations
Deloitte Consulting group
Nextag
Ewanted.com
Centrata
Cisco
Myntra
Quotes
  The business is an almost zero-inventory model with a focus on supply chain automation and fulfillment. We have partnerships with several suppliers, who fall into 2 categories - raw material suppliers who supply us the plain t-shirts for example and personalization technology suppliers..
  We also work actively with the designer community - graduates from NID, NIFT and so on and give them royalty for their designs on our products. We conduct design contests to identify and reward talent and have created a community of around 4000 designers..
  We have 3 sales channels - online, companies / colleges and retail. The retail channel is a relatively new one, but important for our future. We have set up kiosks in 5 different locations in Bangalore and plan to expand that to 25 different locations in Bangalore, Mumbai and Delhi by the end of this year..
  E-commerce hasn't really taken off in the last 3 to 4 years in India as was expected. A primary reason for this is the notion of convenience. When I was in the US, I bought everything from tickets to electronics online, as it was "convenient..
  My advice to aspiring entrepreneurs would be to realize that entrepreneurship is also a career, with atleast a 10 to 15 year horizon. The failure rate is high, so you need to be able to adapt and be prepared for the long haul. The most important thing is to have a core team that believes in the vision..
  There are number of investors who keep talking to us. We don’t have any plan now to raise any fresh fund. The last round (of $50 million) will take care of the investment into growth? Marketing, supply chain, technology.
  The best way to get them on the platform is through marketplace model. We can’t engage with them under the buy and sell? Model because they have very small inventory.
  We are reaching out to those local markets and the dominant fashion brands there to replicate local city experience in the online world.
  In any new industry is disruptive for the existing industry, none of it is surprising. Online is a very powerful medium and it will be disruptive for the offline business model.
  More and more people are now shopping through their mobile phones. Today, around 25% of our business is coming from mobile platform, and we do expect that number to cross almost 50% in next 18 months.

Hope viewers caught up the spark…

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