Shopping and fashion online portal Myntra raised Rs 300 crore ($50 million) in investment by Wipro chairman and billionaire philanthrophist Azim Premji's PremjiInvest.

Myntra, led founded by Mukesh Bansal, had previously raised around $40 million in investment from venture capitalists such as Tiger Global, NEA-IUV, IDG Ventures and Accel Partners.

Meanwhile, a UK based financial institution CDC has invested $27.5 million (Rs 170 crore) in Jabong.com - another Indian fashion and shopping portal. Thanks to its aggressive advertising, Jabong has reportedly emerged as competition to Myntra.

Some Bangaloreans believe that this reconfirms the fact that e-commerce and online retailing (also known as e-tailing) in India is already a multi-million dollar industry and is likely to grow stronger and larger this year.

Source: The Hindu Business Line

Image: Myntra.com