Indian fashion portal Myntra.com has attracted $50 million investment as it seeks to step up competition with rivals including Jabong.
Rocket Internet-backed Jabong.com is believed to be working on a $100 million funding round after it received $27.5 million in equity capital from British investment group CDC.
Myntra, which has already rejected a merger offer from India's biggest ecommerce firm Flipkart, has confirmed the funding from investors led by Premji Invest, the investment arm of Azim Premji's Wipro Ltd.
'We are confident of achieving $1 billion Gross Merchandise Value by 2016 and will be by far the largest fashion destination in India,' said Mukesh Bansal, co-founder and CEO of Myntra.
'We have been growing steadily, increasing our product offerings and attracting new users from different corners of the country. This round of funding will allow us to scale up, attract and retain superior talent, ramp up our technology infrastructure and strengthen the Myntra brand,' Bansal added.
The Indian ecommerce market is estimated to be worth $3.1 billion and market researchers CLSA have forecast that could reach $22 billion in five years.
Myntra has raised almost $75 million since its launch including funding from investors such as Accel Partners and Tiger Global.
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