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Flipkart Acquires Myntra, To Invest $100 Mn In Fashion Biz

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Flipkart, India's largest e-tailer, acquired online fashion portal Myntra on Thursday (22 May) 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 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.


 
 
(Reuters)


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