The acquisition was part cash and part stock while Myntra did not disclose the financial details. The Fitiquette team will be joining Myntra with Fitiquette CEO and co-founder Andy Pandharikar heading Myntras newly-formed Innovation Labs in San Francisco. Myntra, funded by venture capital funds like Tiger Global, IndoUS, IDG and Accel Partners, had acquired Delhi-based online sports retailer SherSingh.com last November.
This acquisition will not only help us improve the experience significantly, but will also enhance our technology team with addition of top tech talent from Fitiquette, Mukesh Bansal, CEO & co-founder, Myntra said. He added that Myntra, founded in 2007, aims to create fashion shopping experience for Indian consumers at par or better than global standards.
The Indian e-commerce industry is growing at breakneck speed and it is a great time to be a part of this journey. I am confident that Fitiquettes technology will benefit Myntras vision of providing world-class solutions to online shoppers across the country, said Pandharikar.