Mukesh Bansal?s life has started curving back to form a full circle. Even as an IIT student, Bansal never wanted to work for anyone but himself. He always wanted to be an entrepreneur, not wanting to become
another guy wearing a suit to office. Mukesh had an issue being in a formal set up, following set rules.
So after moving to the US, he knew instantly that he needed to be in the Bay Area to feel the buzz. ?That?s a place where you can fail, freely,?
he says, settling down into the
conversation.
Myntra.com, the online business he kicked off in 2007, selling personalised gift items has grown manifold to become the country?s biggest brand apparel business online, but he?s not finished yet. Mukesh?s not ready for an IPO yet, which could happen 2-3 years down the line, but he?s for sure satisfied with what he has achieved over the years. ?This was my childhood dream,? he says.
While being in the Bay Area, he had joined 4 start-ups one after another. He dabbled with Nextag, eWanted, Centrata and Newscale. While eWanted and Centrata closed shop, Newscale was sold to Cisco. ?Being associated with these start-ups was a big learning experience. One learns faster on the job in such situations. Of course, you get the occasional self doubt, but you still go ahead. It?s a possibility that your former class mates will rise to
being senior managers in their organisations, even as you struggle with your start-up. But one has to ignore such aspects as the returns you eventually get are far greater.?
Late last year Myntra had taken a massive leap, closing its first acquisition by buying out Exclusively.in, the firm that ran the private label called Shersingh.com. Myntra also has a growing interest in women?s ethnic wear. But the competition has increased. Flipkart and Jabong are giving it a good run. While Flipkart has entered the fashion segment recently, Jabong has been particularly aggressive in the segment growing at a very fast clip. Both are threats to Myntra, but Mukesh feels he is in a good place. ?Jabong may have grown rapidly, but we are still bigger than them,? he claimed, now leaning back in his chair. The market segment (online fashion retail) is pegged at around $50 billion and is slated to double in a couple of years. The opportunity is enormous and Mukesh knows it.
The Indian e-commerce players
expect mobile internet to be a game changer. Though the contribution of transactions over mobile is miniscule as of now, it could go up to 15-20% soon. Myntra has revamped its portal for mobile interface to cater to this
demand. Plus, the market place model has become the new preferred sales point. Since the operational costs have been traditionally high in e-commerce play, the market place model will play a role. The model enables them to boost sales and the commissions are high too. Amazon, for
instance, has entered India by launching its market place model.
Mukesh believes competition will become even fierce in months to come. ?But we have the right culture to stay in the hunt. There is complete transparency in the organisation. And we are very flexible with our work timings,? he says. ?When things get tough, our culture helps us out.?
?The fact is I?m very competitive,? he says. ?Even as a kid, I?ve always
enjoyed a challenge. I have always wanted to come out on top.?
Meanwhile, the environment is getting tougher for the smaller e-commerce players. Bangalore based Uniworld Lifestyle Solutions which ran a fashion e-store called MiraiStore.com has shut shop. The company has suspended its online operations and will start to offer its own private label brands. MiraiStore was founded by Ram Bhamidi, Asha Shridhar and Myntra.com co-founder Sankar Bora.