US-based publisher International Data Group’s (IDG) global corporate venturing unit has invested in Myntra, India’s largest online fashion and lifestyle store, to help it acquire virtual fitting room creator Fitiquette. Alongside IDG Ventures in the round were hedge fund Tiger Global and venture capital firms Kalaari Capital and Accel Partners. Financial details for the investment and acquisition were undisclosed. The company has raised more about $40m since its launch in 2007, according to news reports. Myntra, which has changed its business model twice to date, raised $20m in 2012 in a series C round led by Tiger Global, according to news service, TechCircle.in. The capital was raised to grow its logistics services. In 2010, the company raised $14m in its series B round of funding from Tiger Global and existing investors IDG Ventures and Indo-US Venture Partners. This round followed on from a $5m series A round in 2008 from IDG Ventures India and venture capital firms NEA-IndoUS Ventures and Accel Partners. Fitiquette provides e-commerce technology that generates a virtual mannequin based on various body types to which users can further adjust each specific measurement according to their body until it closely mirrors their own. In November of last year Myntra made its first US acquisition, the New York-based Exclusively.in, which showcases the Sher Singh fashion label.
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IDG Ventures backs India’s Myntra in US acquisition
Apr 30, 2013 • Katherine Steiner-Dicks
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