Indian online fashion store Myntra has been merged with India's biggest eCommerce store Flipkart. Rumours about Myntra and Flipkart deal has been flew in the market. Now rumours are getting stop and deal has been done with $330 million.
According to report, Myntra had taken its step for sailing the company in January and after that, deal is closed at approx $330 million. Now Flipkart has $2.5 billion value in this all transaction. Merging of these two online stores may lead Flipkart to compete with world class eCommerce companies Amazon, eBay, etc.
As everyone knows, Flipkart holds a good position in India for online shopping purpose and it has been also arriving in the fashion. Myntra is a growing online store which held the value of $559 million in the year 2013. One of the people from the Myntra-Flipkart deal said "Flipkart is registered in Singapore and Myntra is completely based here — that's creating some delays and complexities around jurisdiction, etc. Some entities are also registered in Mauritius, adding to the delays in making this transaction happen early."
Flipkart is an Indian company which was founded in 2007 by former employees of Amazon, Sachin Bansal and Binny Bansal. Both Flipkart and Myntra are growing eCommerce companies of India and Flipkart needs clap for its step of merging Myntra, to acquire much better position across India.
As per the report, India's online market is growing day by day and expected to reach at approx $22 billion in next five years.