1. 1 © John Mullins, 2011 Myntra: What happened? John W. Mullins London Business School

2. National Entrepreneurship Network 2© John Mullins, 2011 Myntra’s Funding Series A round – August 2008 – Raised $4 million – From four VCs Indo US Ventures: Bangalore Erasmic: Bangalore Accel: Bangalore (CaféPress, Spreadshirt) IDG: Mumbai – Post-money valuation $9 million

3. National Entrepreneurship Network 3© John Mullins, 2011 2009: A Change in Strategy Internet penetration still modest – Sales below target Solution – Seek corporate B2B business in custom apparel and other gifts

4. National Entrepreneurship Network 4© John Mullins, 2011 2010: More Funding Series B round – July 2010 – Raised $13 million – From Tiger Global (New York) and the original VCs – Post-money valuation $32 million

5. National Entrepreneurship Network 5© John Mullins, 2011 Why? Internet retailing was hot globally Internet penetration finally taking off in India Myntra seen as among the best management teams in India’s dot-com landscape

6. National Entrepreneurship Network 6© John Mullins, 2011 Another Change in Strategy Tiger brought insights from other investments – Do VCs add value? New direction – Lifestyle casual apparel and footwear retailing

7. National Entrepreneurship Network 7© John Mullins, 2011

8. National Entrepreneurship Network 8© John Mullins, 2011 Will Myntra Succeed?

9. National Entrepreneurship Network 9© John Mullins, 2011 Lessons Learned About business plans – No plan is perfect – But the most common pitfalls and flaws are easily avoided – Most plans are written way too soon

10. National Entrepreneurship Network 10© John Mullins, 2011 Lessons Learned About raising capital – Don’t sweat over writing a “perfect” business plan – Instead Rigorously assess the opportunity Build a credible entrepreneurial team – 10 years in Silicon Valley startups for Mukesh Achieve some milestones, get customer traction

11. National Entrepreneurship Network 11© John Mullins, 2011 Lessons Learned About when to raise capital – The later, the better – How much of Myntra does Mukesh own? Stake was 49% after $200k seed round Series A dilution 44%: stake cut to 27% Series B dilution 40%: stake down to 16% – The longer you can bootstrap, the better! – The more you’ve proven, the better the valuation!