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

MUMBAI Thu May 22, 2014 1:12pm IST

We can be heroes

We can be heroes

Walking among us are superheroes, ready to appear anywhere they're needed, whether it's for voting, promoting or protesting.  Slideshow 

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)

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Coal Block Allocation

REUTERS SHOWCASE

Banned From Bidding

Banned From Bidding

India bans Finmeccanica from bidding for contracts amid graft case.  Full Article 

Preparing for IPO

Preparing for IPO

Karbonn Mobiles expects to go public by 2016.  Full Article 

GDP Preview

GDP Preview

Economy likely grew faster in June quarter: Reuters poll.  Full Article 

Tech Acquisition

Tech Acquisition

Amazon snaps up live video startup Twitch for $970 million.  Full Article 

Safety Issues

Safety Issues

Hewlett-Packard recalls 6 million power cords over fire hazard.  Full Article 

Fined by CCI

Fined by CCI

CCI fines car makers $420 million for anti-competitive practices.  Full Article 

Antitrust Probe

Antitrust Probe

China regulator targets Microsoft's web browser, media player.  Full Article 

Expert Zone

Expert Zone

Column - Why inflation is so persistent.  Full Article 

Finance Beyond Banks

Beyond Banks

RBI deputy Gandhi: Working on definition of deposits for financial entities.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage