India-based fashion portal Myntra has confirmed that it has snagged $50 million in a fresh funding round led by Premji Invest. The new capital comes after the firm rejected a merger offer from Indian e-commerce giant Flipkart, according to TechCrunch.

Myntra co-founder and Chief Executive Officer (CEO) Mukesh Bansal said: "We are confident of achieving $1 billion GMV (Gross Merchandise Value) by 2016 and will be by far the largest fashion destination in India. We have been growing steadily, increasing our product offerings and attracting new users from different corners of the country. This round of funding will allow us to scale up, attract and retain superior talent, ramp up our technology infrastructure and strengthen the Myntra brand."

According to the fashion startup, they see more growth opportunities in the $3.1-billion e-commerce market of India, which does not include the online travel industry. Based on a CLSA report, online travel is expected to hit the $22-billion mark within five years, the report detailed.

Since it was established in 2007, Myntra has raised almost $75 million in funding from its investors including Tiger Global and Accel Partners, TechCrunch reported.