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Flipkart's Myntra Acquires Jabong At Around $70 Million
To maintain the market position, the Flipkart Ltd has acquired Jabong through its unit Myntra. Myntra overthrows Snapdeal and other such companies to clinch the deal.
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Flipkart is an e-commerce company which was started in 2007 by Sachin Bansal and Binny Bansal.
To maintain its market position, Flipkart has acquired Jabong, an online fashion portal through its unit Myntra.
The exact financial deal is not revealed, but it is acquired at around $70 Million.
Jabong.com is an Indian fashion and lifestyle e-commerce portal which was founded by Praveen Sinha.
Jabong offers more than 1500 international brands, sports, labels, ethnic and designers from over a 1000 sellers.
The chief Executive of Myntra says, " The acquisition of Jabong is a natural step in our journey to be India's largest fashion platform."
Till 2014, Jabong had larger sales than Myntra, surrendered it's market share as the Myntra's parent company, Flipkart has been spending crores of Rs in discounting and advertising.
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