Flipkart acquires Myntra, to invest $100 million in fashion business

MUMBAI Thu May 22, 2014 1:12pm IST

MUMBAI (Reuters) - 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 percent 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.

(Reporting by Nandita Bose; Editing by Prateek Chatterjee)

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