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Healthtech Startup mfine Raises $17.2 Million in Series B round

23Apr By NitishNo Comments

FUNDING

Healthtech Startup mfine Raises $17.2 Million in Series B round

mfine, a health-tech AI startup raises $17.2 million in Series B funding led by Japan-based venture capital firm and SBI investment. Singapore-based SBI Ven Capital which is SBI Group's Southeast-Asian investment arm and tech-focused global venture capital firm BEENEXT also participated in the round alongside existing investors, Stellaris Venture Partners and Prime Venture Partners. Over 100,000 customers have consulted on mfine in the last 15 months and customer base is growing 30% month over month. More than 500 MD/MS doctors, including some of India's top doctors from over 100 reputed hospitals practice across 20 specialties on mfine. Collectively, they have been able to expand their reach beyond the physical boundaries of the cities and have served over 800 towns in India. On...

Jabong to Lay Off Another 200 People in Three Months

19Nov By Gauri SinghNo Comments

News

Jabong to Lay Off Another 200 People in Three Months

The Myntra Jabong merger has been a setback to its employees as this led to the lay off of so many workers. And now, Myntra could sack another 200 staff at Jabong in the next three months after deciding to lay off around 250 employees. Myntra’s chief executive Ananth Narayanan stated that about 250 jobs will be lost as Myntra and Jabong are combining functions from finance, technology, marketing and creative teams among others departments. Also, a source mentioned that Jabong employs around 600 people. “Myntra and Jabong will now fully integrate all the remaining functions including technology, marketing, category, revenue, finance and creative teams,” a Myntra spokesperson said in a statement. “To remain the leader in fashion e-commerce in India, we have to find ways to operate mor...

Myntra & Jabong Merge, Lay off 150 Employees

17Nov By Gauri SinghNo Comments

BUSINESS

Myntra & Jabong Merge, Lay off 150 Employees

The e-commerce fashion players Myntra and Jabing that have played a major role in the industry are reportedly merging and this has come days after Walmart put the two fashion businesses of the Flipkart Group under direct control of CEO Kalyan Krishnamurthy. "Since Myntra’s purchase of Jabong in mid-2016, the two brands have been steadily integrating key business functions and streamlining processes. This has resulted in revenue growth and a significant improvement in the customer experience.As the next step in this process, Myntra and Jabong will now fully integrate all the remaining functions including technology, marketing, category, revenue, finance and creative teams," the company stated. As a part of the deal, Narayanan will continue to lead the team and also the company's independe...

30Oct By Gauri SinghNo Comments

BUSINESS

Myntra Launches a Plus Size Apparel Brand Sztori

The online fashion retailer Myntra is making efforts to widen its portfolio of private brands and this time it has launched a plus size apparel brand called Sztori. This brand is designed to suit a larger range of body shapes and sizes. The particular brand will offer over 225 styles and designs including, Tees, denims, tops, dresses in large to XXXXL (4 times large) sizes for men and women. The price of these apparels will range from Rs 799-1,999. "Plus-size clothing is in great demand and it was time we offered something substantial in the category, opening up more avenues and possibilities for our customers,” said Manohar Kamath, CXO and Head Myntra Fashion Brands. He also mentioned that this segment will account for $5-6 billion in the $40-billion Indian online fashion apparel m...

22Oct By Gauri SinghNo Comments

BUSINESS

Indian Actor Saif Ali Khan Launches Ethnic Label ‘House of Pataudi’ with Myntra

The popular online fashion and lifestyle company Myntra has reportedly launched an ethnic brand with actor Saif Ali Khan known as ‘House of Pataudi’. The company co-owns majority of the brand along with the actor and Exceed Entertainment. “We have seen a lot of searches for ethnic wear on Myntra and decided to launch a brand for both men and women for all occasions,” said Ananth Narayanan, CEO of Myntra-Jabong. “We expect it to become the number one ethnic wear brand on Myntra in the next three years with a potential to have its own brand stores, but for now it’s only online,” he added. Meanwhile, Myntra has plans to launch stores for some of its other private labels. The online fashion retailer aims to launch 100 stores in the next two years. Narayanan believes that ethnic wear in I...

Two Myntra-Jabong Senior Officials to Exit by December

17Oct By Gauri SinghNo Comments

News

Two Myntra-Jabong Senior Officials to Exit by December

With senior executives resigning from various important companies, Chief marketing officer of Myntra and head of Jabong Gunjan Soni, and Myntra’s chief strategy officer and head of categories Ananya Tripathi have decided to leave the organization. Both the executives will work with their respective companies till the end of this year. “Gunjan has played a key role in firmly positioning the brand Myntra as the leading destination for fashion and lifestyle,” stated Narayanan. “Ananya has played a key role in strategy and made five successful acquisitions, including Jabong.” Narayanan will continue to head Jabong, working closely with the teams on a daily basis. On the other hand, Manohar Kamath will take over an interim head of categories along with his current portfolio of Myntra Fashi...

China’s Fashion Retailer Shein to Expand to Smaller Regions in India

6Sep By Gauri SinghNo Comments

BUSINESS

China’s Fashion Retailer Shein to Expand to Smaller Regions in India

China’s fashion e-commerce player Shein has become quite popular in India just within one year of its presence. For the company, India has emerged as an important market with its mobile app crossing 5 million downloads. The fashion retailer at present delivers to over 15,000 pin codes in tier-I and II cities in India and is now further planning to focus on smaller towns by expanding its services beyond western fashion. “India is a very important market for us and we think there is a huge opportunity in the tier-III and IV towns,” said Malcolm Yam, general manager at Shein India. “This is why we have started partnering with local designers to create fusion and Indo-western outfits for the Indian audience.” Shein has been successful in more than tripling its business revenue in India fo...

Myntra to Foray Into Offline Beauty & Cosmetics Retailing

24Aug By Gauri SinghNo Comments

News

Myntra to Foray Into Offline Beauty & Cosmetics Retailing

India’s largest online marketplace Myntra is planning to soon enter the offline market space with the retailing of beauty and cosmetics products under Myntra Beauty brand. Soon after launching its first offline store for Roadster, the e-talier is now stepping ahead with its O2O (online to offline) business. At present, the company sells more than 100 beauty and cosmetics brands on its online platform including MAC, Clinique, Bobbi Brown, and Estee Lauder. And now, these products will also be sold offline through a series of multi-brand physical stores. “Beauty and personal care is a fast growing segment for us which has been growing at 400% year-on-year. Today we have over 250 leading brands across makeup, skin care, bath & body, perfumes and beauty appliances,” said Ananth Narayan...

15Jun By Gauri SinghNo Comments

BUSINESS

Myntra Plans to Expand Offline Business Aiming 100 Stores

The popular Indian e-commerce company Myntra is now on board to accelerate its growth by increasing the number of its offline stores from 12 to 100 in the coming two years’ time with the aim to make its private label business stronger. According to the reports, the fashion etailer will open 50 stores featuring its most selling and popular brand Roadster. Apart from this, the stores will also come up with brands like HRX and Mango, among others. Myntra already operates the franchise of the Mango label in India. The main purpose of expanding the offline presence is to strengthen the customer base for its brands. Ananth Narayanan, CEO of Myntra said, “We are not opening stores because we want them to be big sales centers. It is a great way to do branding for us and to provide the touch-an...

Myntra’s losses reduced by 25%, Aims to Track Profits for FY18

21May By Gauri SinghNo Comments

BUSINESS

Myntra’s losses reduced by 25%, Aims to Track Profits for FY18

Myntra’s marketing strategies and intelligence have lately given a boost to the fashion and lifestyle business of its parent company Flipkart. The losses for the FY17 have reduced by 25% to Rs. 655 crore as against Rs. 823 crore in the previous year. The major strategy adopted by the fashion and lifestyle etailer has been the focus on umbrella branding of its private labels, which means the ability of a single brand to reach across categories. The increase in the reach of private brands to the masses led to the decrease in losses for the company. The documents show that the losses presently stand at Rs 627 crore, lessening 23% on a standalone basis. The company’s three-year-old private label business has grown tremendously and accounts for about 25% of the overall revenue. In Septemb...

Azim Premji Makes $130 Million in Flipkart Deal

18May By Sheldan RungasamyNo Comments

BUSINESS

Azim Premji Makes $130 Million in Flipkart Deal

The Walmart-Flipkart $16 billion acquisition must be the biggest fortune that could ever fall on investors in India’s largest e-commerce platform as they are set to receive their biggest payday. However, the e-commerce platform boasted international investors exclusively and therefore, Indians that will benefit from the $16 billion deal are only Flipkart founders and employees. However, one Indian investor will get around 420% returns on an investment he made 4 years ago in fashion e-commerce platform, Myntra, that was subsequently acquired by Flipkart. Indeed, the chairman of Wipro Limited and third richest man in India, Azim Premji is going to receive $130 million from his $25 million investment in Myntra thanks to the acquisition of Flipkart by Walmart, according to two people bri...

18May By Sheldan RungasamyNo Comments

FUNDING

Health-tech Startup Founded by Former Myntra Execs Raises Funding

Mfine, a health-tech startup focused predominantly in Artificial Intelligence recently raised a Series A funding round of $4.2 Mn led by Prime Venture Partners. This round of funding also saw the participation of existing investors such as Stellaris Venture Partners and Mayur Abhaya who is also an entrepreneur in healthcare. This is the second time that the company is raising funds, having previously raised $1.5 Mn from Stellaris Venture Partners in September 2017. The funds raised will serve the purpose of building the hospital networks across cities while strengthening the team behind the manufacturing of the technology. It is also targeting making over 1-lakh consultations coming end of 2018 and sign partnership deals with 50 additional hospitals in India. Mfine saw the day in ...