Home » E-commerce » Flipkart Acquires Mytrna, Deepening its Fooprint on India’s Bilion Dollar E-commerce Market
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Flipkart Acquires Mytrna, Deepening its Fooprint on India’s Bilion Dollar E-commerce Market

Flipkart, India’s largest online retailer, has just announced it has acquired fashion shopping site,  Myntra on has agreed to invest $100 million along with the acquisition, according to NDTV Profit.

Financial details of the deal were not disclosed, but Reuters citing a source familiar with the acquisition, said the transaction was valued at close to $300 million.
“It’s a 100 percent acquisition and going forward we have big plans in this segment,”  Sachin Bansal, co-founder of Bangalore-based Flipkart, said.

Image and video credit: Mytrna

Myntra will continue to operate as a separate entity with its co-founder and CEO Mukesh Bansal joining Flipkart’s board and leading the fashion business. In February 2007, the Bangalore-based company was launched Mukesh Bansal, Ashutosh Lawania, Imran Khan and Vineet Saxena.

“It was very essential to keep Myntra a separate entity and preserve its culture,” Bansal said. I’m here for the long haul and we will continue to grow in the market.”

By Ashley Paintsil

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