Myntra eyes for $5 billion GMV by 2020

India's biggest online fashion retailer Myntra aims to have a $5 billion gross merchandise value (GMV) by 2020, the company's CEO Ananth Narayanan said. The company at present has a GMV of $500 million. Its parent company Flipkart expects this to boost its annual GMV, to $10-12 billion by end of this year. Narayanan said that the GMV of vertical players like Myntra is now significantly higher than earlier and it is going to increase.

"At present, our GMV is at $500 million which by 2016 would be $1 billion. The GMV of vertical players like us also significantly higher, we are also building our own brands. My sense is that we will at $2 billion in a couple of years and eventually we will be a $5 billion player by 2020," he said. He added that as far as fashion is concerned it would be a $70 billion market by 2020 including both online and offline retail and Myntra would be able to take a significant share of the total share.

"I think the branding market for India will evolve and that is the segment we are continuously playing in. We are the largest online fashion retailer in India at present and we are almost twice the size of Jabong," added Narayanan. He added that Myntra aims to reach profitability in the next 18 months.