Flipkart has invested $100 million in the online fashion business
Mumbai: Flipkart, India's largest e-tailer, has 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.
( Source : reuters )
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