iconimg Tuesday, September 01, 2015

Reuters
Mumbai, May 22, 2014
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% 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.