Flipkart buys fashion portal Myntra for USD300m

(MENAFN) Flipkart, India's largest e-retailer, has purchased Mumbai's biggest fashion portal, Myntra, as Amazon.com Inc's rapid expansion in the e-commerce industry, according to Gulf Daily News. The transaction was estimated at USD300 million, according to a source with knowledge of the development. The acquisition is likely to give Flipkart, set up by two ex-Amazon employees in 2007, not just a stronger foothold in the fast-growing online fashion market, but also the additional scale it needs to fight competitors like Amazon, Flipkart co-founder Binny Bansal said.