Flipkart acquires Myntra in India's largest e-commerce deal

One of the India's biggest e-Commerce retailer Flipkart has acquired another online retailer Myntra. It is expected that the total deal is worth of Rs2,000 crore. While the did not disclose the deal size, sources suggest the deal could be worth about Rs 2,000 crore.

Myntra is one of the leading e-retailer on fashion category, and this acquisition makes the Flipkart leading on one more selling category. 

Flipkart co-founder and CEO Sachin Bansal, says-

"It is a 100% acquisition and going forward, we have big plans in this segment. Flipkart and Myntra are getting together to create one of the largest e-commerce stories and together we will dominate the market,"

"We, at Flipkart, believe that we want to be leaders in every segment and fashion is a category of the future, this acquisition will help us become leaders in this category," he added.

The move is expected to help Flipkart strengthen its apparel portfolio and compete more aggressively with peers like Amazon and Snapdeal.

After the deal also, Mynta will own the separate brand with its co-founder and CEO Mukesh Bansal but with the Flipkart board heading the fashion business.

From last few year India's online market has been grew up with a huge ratio as more people log on to the Internet to shop. Indian online market is estimated to be worth about $3 billion currently, has firms such as Snapdeal, eBay and Amazon which follow the marketplace model.