Indian e-commerce site Flipkart has reportedly acquired another e-commerce site Myntra. A report in NextBigWhat says that the deal has been completed and integration between the two companies has begun. The terms of the deal has not been disclosed, but the cash and stock deal is expected to be over $250 million in value. According to the report, both the companies will continue to operate as separate brands, atleast for the time being. Flipkart is also looking for another round of funding before it goes for a public offering.
Myntra posted Rs 134 cr loss on a topline of Rs 212 cr for the year ending 31 March 2013. On the other hand, Flipkart has reported a loss of Rs 281.7 crore in the year ending March 2013.
SOURCE: NextBigWhat
