MUMBAI (Reuters) - Flipkart, India’s largest e-tailer, acquired online fashion portal Myntra on Thursday and said it would invest $100 million (59.18 million pounds) 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