Mumbai: Flipkart, India's largest e-tailer, acquired online fashion portal Myntra on Thursday and said it would invest $100 million (nearly Rs. 600 crore), 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, or nearly Rs. 1,800 crore.
The deal gives Flipkart a stronger hold in the fast-growing online fashion business in India. Bangalore-based Flipkart, set up by two ex-Amazon employees in 2007, has sought to grow its presence in the online fashion segment, a category where Myntra is the market leader. Tiger Global Management and Accel Partners are investors in both Flipkart and Myntra.