Breaking News - Flipkart acquires Myntra, to invest $100 mln in fashion business

CyberKing

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It is finally official - after being rumored for over 4-6 weeks, the largest e-Commerce merger deal in India so far - M&A activity kick starts from here on...

MUMBAI: Flipkart, India's largest e-tailer, acquired online fashion portal Myntra on Thursday and said it would invest $100 million in the fashion business.

"It's a 100 per cent acquisition and going forward we have big plans in this segment," said Sachin Bansal, co-founder of Bangalore-based Flipkart.

Financial details of the deal were not disclosed but a source in the company said the transaction was valued at close to $300 million.

The deal gives Flipkart a stronger hold in the fast-growing online fashion business in India.
 
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