According to the news reports published in a financial daily newspaper online retailer Flipkart ia all set to announce its merger with rival Myntra on Thursday. Neither Flipkart nor Myntra confirmed it but sources close to the deal, in the works for months, said the agreement had been sealed and only signatures were left to be done.
The details are not known but Myntra could be valued at $300 million (Rs 1,800 crore) at least, say sources. The two companies have been negotiating to remain separate entities after a merger.
Flipkart and Myntra, both based in Bangalore, expect to together give competition to Amazon, the American online retailer that is yet to complete a year in this country. Flipkart just hit $1 billion (Rs 6,000 crore) in gross merchandise value (GMV). Myntra’s chief executive, Mukesh Bansal said that his company, an online fashion entity, was targeting a GMV or annual revenue of Rs 20,000 crore by 2020, up from Rs 1,200 crore now.
The details are not known but Myntra could be valued at $300 million (Rs 1,800 crore) at least, say sources. The two companies have been negotiating to remain separate entities after a merger.
Flipkart and Myntra, both based in Bangalore, expect to together give competition to Amazon, the American online retailer that is yet to complete a year in this country. Flipkart just hit $1 billion (Rs 6,000 crore) in gross merchandise value (GMV). Myntra’s chief executive, Mukesh Bansal said that his company, an online fashion entity, was targeting a GMV or annual revenue of Rs 20,000 crore by 2020, up from Rs 1,200 crore now.
