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

"The fresh round of funding will enable us expand our operations to spur further growth with better infrastructure and proactive user-based technology," Myntra co-founder and chief executive Mukesh Bansal said.

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

"We are bracing up to capitalise on the emerging growth opportunity with a compelling business model, product innovation and strong leadership," Bansal asserted.

As a fashion e-retailer for branded shoes, clothing and accessories for men and women, the six-year-old online shopping store had earlier raised $75 million from venture funds such as Accel Partners and Tiger Global.

The portal showcases about 50,000 products of 600 brands and gets over 50 million hits every month.

"A robust business model and a customer-centric approach have enabled us to emerge as a major fashion destination for shoppers across the country," Bansal said.

The company plants to scale up online presence by ramping up its technology infrastructure and hiring more techies and industry professionals.

"We are targeting $1 billion gross merchandise value by 2016 and become the largest fashion destination in the country," Bansal added.