Flipkart acquires Myntra

In the biggest acquire in India’s online sector, country’s largest e-commerce company Flipkart has acquired online Fashion megastore Myntra on Thursday.

Flipkart said it will now invest $100 million in the fastest growing online fashion market in India.

“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.

Although both the companies are tight lipped about the financial deal but Reuters quoted a source saying the transaction was valued at around $300 million (2000 crore approx).

Flipkart is estimated to be worth around $3 billion with annual sales of over $1 billion (over Rs 6,100 crore) per year.

Myntra has generates revenue over Rs 1,000 crore in the last financial year and is currently the largest online fashion store in India. It offers over 650 fashion brands to the users.

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