Acquisition of FLIPKART over MYNTRA

By- Juhi Vamsi Tarun

Flipkart is an online shopping website founded by Sachin Bansal and Binny Bansal in 2007

Slogan: The Online Megastore

It includes electronic goods, air conditioners, air coolers ,stationery supplies and life style products and e-books

The first product sold by Flipkart was the book Leaving Microsoft To Change The World, bought by VVK Chandra from Andhra Pradesh.

It has now launched many successful products.

• Flipkart allows payment methods such as cash on delivery, credit or debit card transactions, net banking, e-gift voucher and card swipe on delivery

Acquisition:2010: WeRead2011: mime3602011: Chakpak.com2012: Letsbuy.com2014: Myntra.com

AWARDSSachin Bansal : Entrepreneur of the Year Award 2012-2013

Flipkart.com- got Nominated for IndiaMART Leaders of Tomorrow Awards 2011

Flipkart.com, secured second position in the List of Cheapest Mobile Store 2013,compiled by Indian e-commerce observer Zoutons.com

Myntra was established by Mukesh Bansal,Ashutosh Lawania, Vineet Saxena in February 2007

From 2007 to December 2010, Myntra.com was in the business of personalization of products online.[9] The products ranged from T-shirts, mugs, greeting cards, calendars, key chains, diaries etc. However, in 2010, the company expanded its catalogue to retail fashion and lifestyle products.

In 2013, Myntra acquired San-Francisco-based Fitiquette, a developer of virtual fitting room technology.

In November 2013, Bollywood star Hrithik Roshan joined forces with online shopping portal Myntra.com to exclusively launch and manufacture his active lifestyle apparel and casual wear brand HRX

Myntra.com was announced as a winner of the Red Herring Global 100 award

CNBC - TV18 awarded Myntra.com as one of the Hottest Internet Companies of the Year at the Mercedes - Benz CNBC - TV18 Young Turks Awards

Myntra.com won IAMAI's Best Ecommerce Website of the year award for 2012 at the 7th India Digital Summit, 2013.

Flipkart has acquired online fashion retailer Myntra in an estimated Rs 2,000 crore deal on may 22 2014.

After Acquisition, It’s Market share has been increased to 65%.

Myntra continues to function as an independent entity and so does the fashion division of Flipkart.

Quick fact file of the Myntra-Flipkart deal.

> All the Myntra employees get the universal stock options ...>There’s no threat to Myntra’s online fashion dominance by Amazon.>Key stakeholders in Myntra have become millionaires with this deal.>There are no immediate plans of integrating theduo but the possibilities will be explored in near future.

• Flipkart plans to go Alibaba way rather than the Amazon way due to more similarities in between Indian and Chinese consumers.

• Only Mukesh Bansal from Myntra joins the Flipkart board. He’ll head the fashion business for Flipkart.

• Myntra continues to hire and expand. Have global ambitions as well.