Myntra to enter US market despite of losses in India

Myntra is striving into the $60-billion online apparel market in the United States regardless of losses in India. The company has reportedly set up a subsidiary called Myntra Inc, US.

The online store is used as a “test bed”for new technology and business model by Flipkart. The company is yet to start its operations. According to the media reports, Myntra plans to start the US subsidiary in its annual report for FY15 with the Registrar of Companies.

India's online retail sector has witnessed an increase in competition in the last one year. Reliance will soon enter the e-commerce segment with its brand "LYF".

"The nuance is I will push for EBITDA profitability because that is important for a sustainable business model. I also want to make sure we are investing for the next 10 years, as the business will be 10-fold. Currently, we are at $550 million gross merchandise value (GMV). Next year, we will become $1 billion, but we have to ensure we're building the organisation for a $2-3 billion GMV and will be profitable in 2016," Myntra CEO Anant Narayanan was quoted.