Flipkart buys Myntra.com for $300 million
One of the leading e-commerce firms Flipkart has purchased online fashion portal Myntra on May 22nd which is the hottest buzz in online shopping portals. Sachin Bansal who is the co founder of Bangalore based Flipkart alleged that “It is a 100 percent attainment and we have big plans in this sector”. Flipkart buys Myntra to enter into Fashion World.
Flipkart buys Myntra.com
Flipkart would invest $100 million in the fashion business. Myntra has propelled invitations to the media for a conference in Bangalore to announce a “Strategic Development” but did not disclose further details.
The news about this attainment has been in the works for a few months now, but the ultimate details being worked out in the past few weeks.
A Flipkart representative said that they are unable to comment on market conjecture at this stage.
The fiscal information of the deal was not disclosed but a source in the company said that the business deal was valued at close to $300 million.
India’s e commerce market has seen massive growth in the past few years as more people log on to the internet to shop.
History of Flipkart:
Flipkart has started in 2007 as an online bookstore and now sells products across different categories including fashion and electronics. At present, it also sells white goods and furniture. Flipkart’s annualized sales crossed $1 billion a year because of increasing internet infiltration and adolescents shopping online.
The e-commerce firm planned to accomplish the billion dollars for total retail value by the year 2015.
Business of Myntra:
It endeavors to increase its income in this economic year as it enlarges its business and includes products. Myntra contains about 100 sellers on board and aims to amplify this number to 1000 by financial end.
The co founder of Myntra and CEO Mukesh Bansal will be combining Flipkart board and will be directing the trend business at e-commerce Flipkart. Bansal supposed that there will be no amendment in roles post possession. Both Myntra and Flipkart will prolong to work separately. The deal provides Flipkart a stronger hold in the fast growing online fashion business in India. The electronics and apparel are bestsellers for most e commerce firms, categories such as household items and home decors are also admired.
Since its foundation, the Bangalore based firm founded which was founded by Sachin Bansal and Binny Bansal has risen over $500 million from investors including Tiger Global, Naspers, Accel Partner and Dragonner.
Previous year, it has elevated $360 million from private impartiality firms which are one of the prevalent funding deals in the Indian e-commerce space.
The above are the details about Flipkart buys Myntra.com for $300 million
Flipkart added Myntra products in their website.
