"It's been a phenomenal learning experience so far. Considering that you’re working at a startup keeps you on your toes, you have to learn rapidly. I have also got to work with a lot of phenomenal people both within the company and outside and its been a huge learning part of the journey. Also we have created a business that is a common name in the field of fashion, it is slowly changing the way people buy and people in remote areas are able to buy these clothes which they couldn’t have done if not for Myntra. This is making a change in their fashion sense. Most importantly, we have created employment for over a thousand people. These are just a few things that have made this journey at Myntra worthwhile for me.”


                                     

 

For someone who sounds as pragmatic as Mukesh Bansal, the passion with which he recounts his work at the helm of Myntra matches the passion of any inspirational entrepreneur that you can think of. In this conversation, Mukesh Bansal, the founder and CEO of Myntra, one India’s rapidly growing e-commerce portals with a focus on fashion and lifestyle, provides great insights into the philosophy, the operations and the future of Myntra.

Operations at Myntra :

 Logistics is an important aspect of any ecommerce company and Myntra’s model for success is its Hybrid logistics models. They have distributed the operational logistics between themselves and third party service providers on the basis of geography. "Some of the smaller towns and third tier cities, we have outsourced our logistics to third party service provides while in bigger cities we take care of the logistics. This is primarily because we couldn’t find reliable third party service providers who could provide world class delivery experience for our customers. So almost out of necessity we had to build that infrastructure."


"Another challenge that comes to mind was during the economic slowdown in 2008, where we had to concentrate on cash conservation and some of those principles are still used by us today"he reminisces when asked about the challenges that he has overcome. But as with every business, challenges appear in various forms at whichever stage that you are in and Mukesh very precisely states the challenge faced by Myntra today is in creating a balance between profitability and growth; the balance between investing to grow and staying profitable. "Cost is a function of the capacity that you want to build in your brand; the more capacity that you want to build the more cost that you spend on it. It is also a function of how long before you need it, you’re building your capacity, for example are you building capacity 3 or 6 months in advance to the time of need. We can use lean principles to keep the costs down; doing things just in time also helps.”

The IUVP Alliance "It was a good first meet with Vani (Kola). She could understand the entrepreneur’s perspective, having worked in Silicon Valley, there was a lot of cultural and contextual overlap, which helped us relating with each other. It was a good first meet and I could see that she was quite passionate about what we were doing and from thereon, Vani has been a very important board member. She has always been focused on the bigger picture and on the things that really count. I have really enjoyed working with Vani and it’s been 4 years now. She has been a very important part of the company”


On being asked about the things he wouldn’t have done if not for Vani, he says "It is difficult to pinpoint what the absence of one person can do as there are various contributions from the board members that are very important. But Vani’s greatest contribution is keeping in mind the larger picture as to what the brand stands for through the time of making short term progress"