Myntra's chief on how they will continue to compete with Flipkart
Earlier this month, Flipkart had announced raising $1 billion in a single round of funding, while rival Amazon announced upping its India operations investment to $2 billion, the very next day.<br />
India's e-commerce sector has had a dream run in the last few years and is only expected to grow bigger butMyntra's Mukesh Bansal today told the Economic Timesthat the two companies will continue to focus on different areas.
Bansal told ETthat post Myntra's acquisition by Flipkart, the companies are divvying up the fashion category, with Myntra focussing on premium brands while Flipkart offers discounts. Myntra is aiming to win the vertical battle and Flipkart is eyeing the top spot in the horizontal category race.
However, Bansal stressed that Myntra and Flipkart have and will continue to operate independently post the acquisition.
On the issue of FDI in e-commerce, Bansal said that though his company could take on the big-wigs, smaller companies should be given some time to grow before allowing foreign firms to set up shop in India.
More from EconomyBansal also spoke about key lessons from his entrepreneurial ventures which include : a clear business plan, a strong team and the ability to accept failures.
Read the Economic Times interviewhere
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