India's largest e-commerce company Flipkart has finalized the acquisition of the Bangalore-based online fashion store Myntra. Myntra's founder, Mukesh Bansal will join the Flipkart board and both the entities will remain independent.
According to reports, Flipkart will invest around $100 million in the fashion business. Flipkart's co-founder Sachin Bansal has said that "its a 100 percent acquisition and going forward we have big plans in this segment."
The financial details of the deal have not been revealed but sources from Flipkart say that the transaction was valued at close to $300 million. The deal will surely help Flipkart in becoming a leading e-retailer in the online fashion business in India.
Labels: Flipkart acquires Myntra, Flipkarts $300 Million deal with Myntra, Myntra now joins with Flipkart.