Advertisement

HindustanTimes Mon,22 Dec 2014

Flipkart buys Myntra, to invest $100mn in fashion biz

Reuters  Mumbai, May 22, 2014
First Published: 13:23 IST(22/5/2014) | Last Updated: 18:22 IST(22/5/2014)

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

Advertisement

"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.


Advertisement
more from Business

Sensex extends gains, up 87 points in early trade

The benchmark BSE Sensex gained over 87 points in early trade on Monday on mild buying by funds and investors amid robust global trends coupled with positive domestic sentiments after the introduction of GST Bill in the Lok Sabha on Friday.
markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved