Filpkart India's largest e-trailer acquired online fashion portal Myntra on Thursday and said it would invest $100 Million (roughly- Rs 584 Crores) in the Fashion business.
It's a 100 percent acquisition and going forward we have big plans in this segment , said Sachin Bansal Co-Founder of Bangalore based - Filpkart.
Financial details of the deal were not disclose but source in the company said the transaction was valued at close to $300 million (roughly- Rs. 1,752.4 crores).
The deal gives Filpkart a stronger hold in the fast-growing online fashion business in India.
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