Flipkart buys Myntra, to invest $100mn in fashion biz
Reuters | HT Correspondent, Mumbai
May 22, 2014 06:22 PM IST
Flipkart, India's largest e-tailer, acquired online fashion portal Myntra on Thursday and said it would invest $100 million in the fashion business.
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.
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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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