Established by Mukesh Bansal along with Ashutosh Lawania and Vineet Saxena, Myntra was in the business of on-demand personalisation of gift items. It mainly operated on the B2B (business-to-business) model during its initial years. Between 2007 and 2010, the online portal allowed customers to personalize products such as T-shirts, mugs, mouse pads, calendars, watches, teddy bears, pendants, wine glasses and jigsaw puzzles.^[10]

In 2011, Myntra expanded its catalogue to include fashion and lifestyle products and moved away from personalisation. Myntra tied up with various popular brands to retail a wide range of latest merchandise from these brands. Myntra offered products from 350 Indian and International brands by 2012. Myntra also had casual wear for men and women from brands. The website saw the launch of Fastrack watches and of Being Human, the brand.^[11]

2014 saw the merging of Myntra with another Indian e-commerce giant Flipkart.com in an estimated deal of ₹2,000 crore (US$310 million), though nothing in terms of value was officially disclosed by any of the company. Merger was majorly influenced by two large common shareholders, Tiger Global and Accel Partners.^[9] Myntra still continues to function and operate independently to increase its market share from 50 to 70 per cent of the market share.^[12] In 2014, Myntra's portfolio included about 1,50,000 products of over 1000 brands ranging from international brands to designer brands and distribution area of around 9000 pincodes in India.^[13]

In May 2015, Myntra moved on to app-only business model wherein customers can only buy and transact in their site through smartphones. The move came after the site claimed that 95 percent of Internet traffic on their site came mobile and 70 percent sales were generated through smartphones. The move to app-only generated mixed reviews and saw 10% dip in sales initially.^[14][15]

However, in February 2016, the company retracted its app-only model in an attempt to win back lost customers. The company cited that the app-only strategy had backfired and Myntra would relaunch its website.^[16]

Myntra was voted as the "India’s Most Admired & Valuable Power Brand Award 2016" at 7th Annual India Leadership Conclave & Indian Affairs Business Leadership Awards 2016 under the chairmanship of the founder Satya Brahma on Friday 1 July 2016 in Mumbai.^[17]