Fashion e-tailer Myntra has acqui-hired content aggregation startup Cubeit for an undisclosed amount. At the time of writing, it seems that Cubeit has shut down its services and the website was not available. A statement from the company said that executives from Cubeit will be joining Myntra’s technology team.
Sarthak Jain, Nithin Gadiparthi and Prathamesh Juvatkar started Cubeit in 2014 and raised seed funding $3 million from Accel Partners and Helion Venture Partners. The company builds mobile applications which allows users to aggregate content from anywhere, organize, view and share the same from a given location. It had developed an interactive mobile app which provides the user access to multiple apps depending allowing the same to be shared with individuals or groups.
In March, Flipkart invested Rs 338 crore (~$50.44 million) in Myntra. The company is currently targeting operating profitability by March next year, with plans to increase sales of higher-priced products and charging for certain deliveries.
Myntra relaunched its desktop website on June 1, a little over a year after it shut it down in May last year and the company expects a 15-20% jump in sales in the current financial year.
Myntra’s previous acquisitions
This is Myntra’s fourth acquisition. It had previously bought mobile application development platform Native5 in 2015 which offered a cloud-based platform for development and distribution of mobile apps across smartphones, tablets and desktops.
Myntra acquired San Francisco based virtual fitting room startup Fitiquette for an undisclosed amount, in April 2013. At the time, Myntra had plans to integrate Fitiquette’s core product within its website.
Myntra acquired Exclusively.in, the parent company of the global private label online brand Sher Singh, in November 2012. Exclusively had started as a flash sales site, but later pivoted to a standard e-commerce model offering designer apparel and accessories.
For the year ended 31 March 2015, Myntra’s reported revenues of Rs 758 crore, up 77%, from Rs 427.26 crore last year, according to registrar of companies data. Losses, however, almost tripled to Rs.1,126.60 crore in fiscal 2015 from Rs.386.10 crore the previous year.