Homegrown e-retailer Flipkart on Thursday acquired a majority stake in online fashion retailer Myntra stating that it would invest USD 100 million in the fashion business.
Details of the value of the deal has not yet been disclosed but reports are doing the round that the deal has been sealed at USD 300 million approximately
The stake acquisition has been in the works for a few months now, with the final details being worked out in the past few weeks.
India’s e-commerce market has seen huge growth in the past few years as more people log on to the Internet to shop. While apparel and electronics are bestsellers for most e-commerce firms, categories such as home decor and household items are also popular.
The industry, estimated to be worth about USD 3 billion currently, has firms such as Snapdeal, eBay and Amazon, which follow the marketplace model.
Flipkart started in 2007 as an online bookstore and now sells products across categories, including fashion and electronics. It now also sells white goods and furniture.