The biggest Indian ecomerce start up has acquired Its biggest Rival .Indian ecomerce portal Flipkart has announced that it has acquired Myntra, to invest $100 mln in fashion business - The Economic Times: " 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 per cent acquisition and going forward we have big plans in this segment," said Sachin Bansal, co-founder of Bangalore-based Flipkart.
India's e-commerce market was worth about $2.5 billion in 2009, it went up to $6.3 billion in 2011 and to $14 billion in 2012 .in 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"India's e-commerce market was worth about $2.5 billion in 2009, it went up to $6.3 billion in 2011 and to $14 billion in 2012
This deal is expected to ": increase the Mynthra's founders wealth," Mukesh Bansal and Ashutosh Lawania, by 400-500--crores , as they own about 20% of the company
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