I recently had the opportunity to speak with Myntra.com CEO & co-founder, Mukesh Bansal. So here is his journey in his own words…………..
I worked for a consulting company, Deloitte consulting and I worked for them for 2 years. Then for the last 8 years I worked for 4 different start-ups in Bay area, California all early stage companies, couple of enterprise software companies and couple of e-commerce companies.I’d been looking at the whole environment in India, whole landscape was changing the economy was doing so well and opportunities arising.
I needed to do something and I got convinced that India was the right place to do it. I realized that e-commerce was going to be pretty significant in India for the next 4-5 years. Basically, you know based on lot of facts, lot of data I live to the whole dot com boom in Bay area then I came to know about Cafepress which has got a similar business in US. I got convinced that there is a decent potential for it in India and that non-else is doing it. Last september I started collecting a lot of data and facts and figures.
So that’s where the early seeds of the business came from. Over the last few months I started doing some market research, I started working on this in August-September and moved to India full time in November.
People started joining steadily and we’ve grown to a team of 15 today. We’ve a development of about 4 people team. The marketing team looks after website content, we’ve our own operations for some of the products we do production in-house and for some we outsource.
The concept of Myntra
Anyone is looking for a unique gift, they have a great idea and they want to do something on their own they can come to Myntra website and based on our library of designs they can find something interesting or they can use our online tools to create an interesting design. In a nutshell, myntra should help anyone who is looking to have a unique product.
We are investing most of our effort in building a good robust search.
Restriction – Specific categories for mugs and t-shirt
It is a limitation, it is in the road-map we’re looking at a guideline to counter this. We are trying to come up with a strategy where we would let the designer have the flexibility of selecting his design for mug, t-shirt or anyother product.
Only 1 service Dilsebol appears similar which has the concept to publish the design.
The concept of myntra.com i.e. designs are uploaded by users as well as myntra.com team.
Myntra.com works for designer
For each instance of a sale of a designer’s design he earns 10% of sale.
Future activities & marketing strategy
We’re planning a series of big activities during the month of September probably during the first couple message. Future marketing strategy would revolve around colleges, conducting design contests in design schools. Primarily marketing is offline and there hasn’t been much of focus on online campaigns. Also Myntra is in the process of establishing affiliates.
Myntra’s Core message “Myntra is a place to find unique design and gifts”