(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.
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