Breaking NEWS – Flipkart grabs Myntra. India’s largest e-commerce company has finalized the acquisition of the Bangalore-based online fashion store Myntra. Myntra’s founder, Mukesh Bansal will join the Flipkart board and both the entities will remain independent.
According to reports, Flipkart will invest around $100 million in the fashion business. Flipkart’s co-founder Sachin Bansal has said that “Flipkart grabs Myntra is a 100 percent acquisition and going forward we have big plans in this segment.”
The financial details of the deal have not been revealed, but sources from Flipkart say that the transaction was valued at close to $300 million. The deal will surely help Flipkart in becoming a leading e-retailer in the online fashion business in India.
“Flipkart started with personalization of merchandise and then pivoted to fashion. In the last seven years, we have taken the online fashion retail to a different level. We are not only the leaders in this segment, but have built a very unique differentiation. Flipkart are among the top sites in terms of online traffic, and are focused a lot on building deep relations with the brand we work with. We have even made some brands household names. Overall, we have enjoyed this ride and wanted to take fashion to an altogether different level. In the last few months, we’ve had a number of meetings to see how we can do this together. Our team wanted to exploit our mutual synergies (like the technology at Flipkart and market leadership of Myntra) in order to accelerate our growth.”, Said Mukesh Bansal.