The westerners eagerly await Black Friday as all the online and offline retailers give away products at massive discounts and lucrative offers. As the Black Friday shopping frenzy reaches its peak outside the country, e-commerce giants in India too have decided to get in on the celebration and offer some discounts to the Indian audience as well.
The Great Indian shopping festival is about to begin on December 10, and as Google India had announced earlier, the pre-party has begun today. Google is carrying out a lot of contests and games and launching exclusive products, leading up to the three-day shopping festival.
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.
Flipkart today announced it has raised $210 million in a financing round that was led by Russian Internet tycoon Yuri Milner's DST Global. Flipkart's existing investors, Tiger Global, Naspers, and Iconiq Capital also participated in the financing round, the company said in a press release. The announcement comes days after Flipkart acquired Myntra in excess of $300 million.
Flipkart today announced it has acquired Myntra, a rival online retailer that focuses on fashion. The company said it had acquired 100 percent stake in Myntra though it didn't reveal the deal size. Earlier reports have suggested the acquisition to be in excess of $300 million.
While all the buzz today is around Flipkart s acquisition of Myntra, another Indian e-commerce site Snapdeal too has reached a new milestone. The eBay backed site has raised $100 million in the second round of funding that includes five investment firms.
Homegrown e-retailer Flipkart is likely to acquire a majority stake in online fashion retailer Myntra in what could be the biggest consolidation in India's e-commerce sector. According to sources, the deal could be worth about Rs 2,000 crore. The figure could not be independently verified. The transaction is likely to be announced tomorrow. Myntra has sent invitations to the media for a conference in Bangalore tomorrow to announce a "strategic development" but did not divulge further details.
With a booming online retail market in India, Flipkart has finally acquired Myntra. The two companies have been in talks for a while now, and the only hurdle left was the deal structure. Mint reports that the hurdle has been overcome and Flipkart has acquired a majority stake in Myntra, valuing the online retailer at $300-$330 million. Ebay backed Snapdeal, has also raised $100 million in its latest round of funding that values the company at $1 billion, WSj reports.
Online retailer Myntra is aiming to double its revenues to Rs 2,000 crore this fiscal as it expands its seller base and adds more products. The fashion retailer, which sells products from over 650 brands like Nike, HRX by Hrithik Roshan, Biba and Steve Madden, clocked revenues of about Rs 1,000 crore last fiscal.
Myntra s CEO has reportedly hinted towards a possible acquisition by Flipkart. Myntra s co-founder and CEO Mukesh Bansal has said that the company is eyeing for an investor, who would invest the desired money as well as help the company function as an autonomous entity even after the deal happens, ToI reports. Though Bansal has not mentioned anything about the prospective investors, he has hinted towards the company s possible acquisition with Flipkart.
Search engine giant Google will unveil its 'Shoppable Hangout' in the country on January 20, which will allow users to interact with each other and shop online simultaneously. Google has partnered with e-Commerce Myntra.com and Bollywood actor Hrithik Roshan to bring Shoppable Hangout on Google+ to India, a statement today said.