Flipkart buys Myntra; will invest $100 mn

It’s done. Bangalore based Flipkart, the Tiger Global and Accel Partners backed ecommerce company, has acquired rival Myntra. The deal was announced at a press conference in Bangalore today. The financial details of the transaction have not been disclosed. Multiple media reports say that the deal is a cash and stock transaction and put the value of the deal at anywhere between $300 million and $350 million.

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