Bangalore, Feb 24: Premji Invest of Wipro chairman Azim Premji is among the private investors from whom leading e-commerce portal Myntra has recently raised an extra $50 million (Rs.310 crore), a statement said here Monday.

“The fresh round of funding can modify us expand our operations to spur further growth with higher infrastructure and proactive user-based technology,” Myntra co-founder and chief government Mukesh Bansal said.

A study by the Hong Kong-based leading financial services cluster Credit Lyonnais Securities Asia (CLSA) projected the e-commerce market size to grow by seven times to $22 billion over consecutive 5 years from $3 billion presently.

“We are bracing up to capitalise on the rising growth chance with a compelling business model, product innovation and strong leadership,” Bansal declared.

As a fashion e-retailer for branded shoes, covering and accessories for men and ladies, the six-year-old on-line searching store had earlier raised $75 million from venture funds like Accel Partners and Tiger international.

The portal showcases concerning 50,000 products of 600 brands and gets over 50 million hits monthly.

“A strong business model and a customer-centric approach have enabled us to emerge as a serious fashion destination for shoppers across the country,” Bansal said.

The company plants to rescale on-line presence by ramping up its technology infrastructure and hiring more techies and business professionals.

“We are targeting $1 billion gross merchandise price by 2016 and become the largest fashion destination within the country,” Bansal added.