Ever since Flipkart acquired Myntra, the online retail community was interested in witnessing how the relation between these two popular ecommerce platforms would play out. Needless to say, it was truly been an ever-changing and dynamic friendship between the two firms. We can now understand why – with Myntra, Flipkart also acquired its stupendously talented founder Mukesh Bansal. That made all the difference.
Recent reports have revealed that Mukesh Bansal has seemed to have impressed Flipkart’s founders, who are planning to further reinforce his position in the company. According to reliable sources, we should be expecting to see a change in his position within the next two weeks. This will happen only when Flipkart’s board members meet in Singapore.
Dropping a hint, a source said, “He (Mukesh) is climbing up the ladder quickly but what’s about to come now will be a game changer.” Whatever that riddle of a statement means, it definitely conveys one thing – Mukesh Bansal will soon have enormous clout in the operations of Flipkart. But is it so much Flipkart or more like Myntra that Mukesh has grand plans for?
According to experts, Myntra is aiming to grow more than threefold in the next 15 months to hit the $1-billion mark (about Rs 6,300 crore) in gross merchandise value (GMV). This will include Myntra in the league of other e-tailers who have had tremendous sales, including Jabong and Snapdeal.
Myntra is already expected to close the financial year in March with about Rs 2,000 crore in revenue. Ganesh Subramanian, chief operating officer of Myntra says, “It’s a matter of time that we will be a billion-dollar-plus company. The area that we are working on is building the leadership, which will scale the organisation to the next level.” Myntra is also hoping to offer more value-added services, like even sending a tailor to a customer’s home! The other services that the company wants to universally offer are the dial-in stylist or even the groom-in service.
It seems like Myntra has nothing to worry about funds to execute its plans. “Money does not bother us anymore. There was a time when we all were looking for funding. Now we are looking at how we can build a very solid foundation,” Subramanian told The Economic Times in an interview, explaining that the bulk of spending will be deployed in strengthening logistics, technology platforms and on recruitment.
It is great to see Myntra scaling up its plans for progress this year. Correspondingly, Flipkart is also aiming to introduce new facilities that can improve the customers’ shopping experience. According to report, Flipkart plans to launch an express product delivery system soon, promising to deliver orders within three hours! The company is still deciding which products and cities to start with, which can make the venture a profitable and successful one. They run the risk of increasing costs to the customer, which they don’t want to do- since it will defeat the whole purpose of attracting customers.
It is indeed impressive to see such a synergy between Myntra and Flipkart, where both teams are doing much better by being together.