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.
Myntra, the Bangalore based fashion and apparel ecommerce company, says that around 20 per cent of its overall revenues are currently being driven by its recently launched marketplace. The company further expects marketplace sales to drive 40 per cent of total revenues by the end of the year.
The marketplace is currently live in Delhi and NCR (National Capital Region), Bangalore, Mumbai and Surat.
Delhi based ecommerce marketplace Snapdeal, which raised a $134 million funding round led by eBay in February, has introduced a platform called Launchpad for innovators and inventors. The platform aims to enable individuals who are inventors and innovators to market and reach out to nearly 25 million Snapdeal users in over 5000 cities and towns.
On Monday, Bangalore headquartered Flipkart became the latest ecommerce company in the country to get on the same-day-delivery bandwagon. The company launched its Same Day Guarantee Delivery service in 10 cities. It is now available in Bangalore, Delhi, Mumbai, Kolkata, Noida, Gurgaon, Faridabad, Manesar, Navi Mumbai and Thane.
Online grocery store BigBasket has raised $3 million in what it dubs a bridge funding round from an individual investor based in Singapore. The round comes ahead of a larger Series B round that company is currently in the process of raising. It expects to close the round in about 6 months.
Snapdeal, the ecommerce marketplace promoted by Delhi headquartered Jasper Infotech, has snapped up Noida based Doozton, a product discovery site founded in early 2013. The financial terms of the acquisition have not been disclosed.
The deal was reported first by TechCrunch.
Mumbai based online grocery store LocalBanya is announcing the appointment of former Komli Media executive Amit Bhartiya as mentor and advisor. Bhartiya will mentor the startup’s senior team in areas such as hiring the right talent, adapting processes to local needs and talior communication to its target audience. LocalBanya raised an undisclosed amount in a Series A round of funding from real estate developer Karmvir Avant Group this January.
Mumbai-based online grocery store EkStop has raised an undisclosed sum in funding from Unilazer Ventures, UTV founder Ronnie Screwvala’s family investment firm. Unilazer, according to a Business Standard report, has picked up a 25 per cent stake in EkStop. The stage of funding has not been specified. TechCircle had reported in August last year that the company was in the market to raise a $2.5 million Series A round.