The rivalry between Amazon and Flipkart to be India’s numero uno online retailer is set to heat up even more. Amazon is reportedly in talks to acquire online fashion store Jabong. The talks are in preliminary stages right now, Economic Times reports. Earlier, Flipkart had acquired Myntra in excess of $300 million. Also Read - Tesla chief Elon Musk is now 2nd richest in world, surpasses Microsoft's Bill GatesAlso Read - Amazon Fire TV gets Hindi support for Alexa
Jabong is valued at $500 million though it is said to be holding out for at least $700 million and is reported to have multiple suitors. Flipkart-Myntra reportedly has 50 percent of India’s online fashion retail market share with Jabong at 25 percent. Also Read - India smart speaker market to cross 7.5 lakh units by 2020 end
Amazon CEO Jeff Bozos had promised to invest $2 billion in its India operations with a big chunk of it going towards acquisitions.