Update: It's official, Flipkart has bought Myntra. Myntra founder Mukesh Bansal will join Flipkart board. Both entities will remain independent. Also read: Live blog: Flipkart acquires Myntra Key Events In Myntra’s Journey : A Timeline Flipkart buys Myntra; Mukesh Bansal to join Flipkart board Key points - Mukesh Bansal will be joining Flipkart board and head fashion vertical. - Both the companies will continue to work separately. - Flipkart will be investing upward of $100M in Myntra. - Post acquisition, Myntra and Flipkart will account for 50% marketshare in Fashion. - All Myntra employees get Esops which will now be converted to Flipkart stock. - Financial terms of the deal were not disclosed. Earlier (May 21): E-commerce major Flipkart has finally bought the Bangalore-based online fashion store Myntra, reports The Hindu BusinessLine citing official sources at both the companies. Medianama has also heard the same from sources and from what we've heard, the deal is expected to be announced on Thursday. When contacted by Medianama, both Myntra and Flipkart spokespersons declined to comment. The report says the deal will be a combination of cash and stock, although the exact deal size is not clear yet. A Mint report pegs the deal at $330 million while a NextBigWhat report pegs the deal to be over $250 million. Both Flipkart and Myntra will also apparently operate as separate entities, which was one of key demands of Myntra CEO Mukesh Bansal. This development finally ends months of speculation on whether Flipkart is…
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