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.”