India’s Flipkart acquires smaller e-commerce rival Myntra to combat threat of Amazon and eBay

May22

by Sindy Cator on May 22, 2014 at 8:55 am

Flipkart, an online retail company often described as India’s Amazon, announced today that it has acquired fellow e-commerce operator Myntra, which specializes in fashion and casual lifestyle products. Financial terms of the deal weren’t disclosed but Reuters has said the deal is worth about $300 million. The deal is hugely significant, primarily because it combines two rivals into a bigger e-commerce player in India — though Flipkart co-founder Sachin Bansal noted in a conference call that their operations will remain separate. There will currently be no integration in the backend, though both firms will leverage on each other’s technologies. “This is…