Flipkart acquires Myntra and raises $ 210 Million

CoolAvenues Newswire | May 27,2014 03:50 pm IST

After days of media speculation, Flipkart acquired Myntra at a market estimated cost of Rs. 1,750 - 2,000 crore deal.

Flipkart is expected to invest $ 100 Million in fashion business over the next 12-18 months. Myntra is a lifestyle retailer, offering over 200 brands in apparel, accessories and footwear.


Flipkart has raised $ 210 Million in series F round of funding from a group of investors led by DST Global, a technology focused fund founded by Russian Tycoon Yuri Milner. The company is expected to use the funds to strengthen its technology and for acquiring firms across e-commerce, technology and supply chain. Check out funding details of Flipkart here....

 

Flipkart started by Sachin and Binny Bansal in 2007 by selling books online is now one of the largest online store retailing fashion products, electronics, consumer durables and furniture. Flipkart has recorded sales of over $ 1 Billion in March and has launched customer service initiatives like same-day delivery in over 20 cities and at-home trials for certain fashion categories.

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