Bangalore based ecommerce firm Myntra.com has raised $20 million in its third round of funding led by venture capital firm Tiger Global. In total, Myntra has secured $39 million from funding led by Tiger Global. In May 2011, Myntra had raised $14 million in its second round of funding led by Tiger Global and existing investors IDG Ventures and IndoUS Venture Partners.

The fresh round of funds will be used to grow the company’s technological and logistics services and other expansion plans. Myntra, chief executive officer, Mukesh Bansal, said, “In total, Myntra has secured $38 million from funding led by Tiger Global. We will use the funding for our technological and other expansion plan.”

Bansal further said that the company is aiming to achieve revenue of Rs 500 crore this year. “We currently clock revenues of about Rs 15 crore a month and hope to achieve a turnover of about Rs 500 crore the next financial year and also break-even in the next 12 months. Myntra’s major business is from footwear. About 55 per cent of its revenue comes from footwear. Thirty five per cent of its revenue comes from clothing and the other 10 per cent comes from accessories,” added Bansal.