Flipkart’s Unit Myntra Acquires Jabong for $70 million

  • author-img Nidhi Arora
  • 5 years
  • 464 views

India’s favorite online shopping destination – Jabong has acquired by online fashion portal Flipkart’s unit Myntra.

According to Global Fashion Group (GFG) press release, it is stated that the parent company of Jabong has acquired by Flipkart Group at US $70 million in cash.

The Economic Times(ET) was the first, who reports that Jabong has been in the market for auction and had held talks with Snapdeal, Future Group, Aditya Birla- owned Abof among others.

The CEO and Co-founder of Flipkart, Binny Bansal said that “Fashion and lifestyle is one of the biggest drivers of e-commerce growth in India. We have always believed in the fashion and lifestyle segment and Myntra’s strong performance has reinforced this faith”. He also added that “This acquisition is a continuation of the group’s journey to transform commerce in India”.

The acquisition of Jabong will strengthen the Flipkart Group’s portfolio in the segment of Fashion and Lifestyle to compete its rival – Amazon.

Download Blog

ENQUIRY

Ready to Get started

Communication is the key for us to understand each other. Allow us to understand
your requirements or queries. Present us with an opportunity to serve you.

Fill out the form and out team will get back to you
within 24 hours

    Head Office

    1250 Pittsford Victor Road Ste 310
    Pittsford, NY 14534

    Development Center

    Plot no. 10, Rajiv Gandhi
    Chandigarh Technology Park