With Indian ecommerce leader Flipkart and the country’s number one online apparel shop Myntra on the verge of announcing their merger, the former’s biggest rival is upping the ante. EBay-backed Snapdeal yesterday revealed another US$100 million funding round from five new investors: Premji Invest, Temasek, BlackRock Inc, Myriad, and Tybourne, according to NextBigWhat.
After months of rumors, the merger between two of India’s biggest ecommerce companies, Flipkart and Myntra, has been completed, according to NextBigWhat. Neither company has confirmed this officially. The two will keep operating as separate entities. Flipkart is the biggest general online marketplace in India, while Myntra is the biggest apparel-focused estore. Myntra raised US$50 million from its latest funding round back in February. Techcrunch reported last month the deal values Myntra at US$330 million, but the acquisition was delayed due to some regulatory bottlenecks.