Myntra Acquires TechCrunch Disrupt Finalist FITIQUETTE Marks Myntra's Second International Acquisition in Four Months
SAN FRANCISCO, April 5, 2013 /PRNewswire/ --
Myntra, India's largest e-commerce platform for fashion and lifestyle products is expanding its technology expertise with the acquisition of San Francisco based FITIQUETTE, a TechCrunch Disrupt Finalist in part cash, part stock deal. FITIQUETTE's technology innovation aims at solving size and fit issues for online shoppers. This acquisition will strengthen and expand Myntra's technology platform and drive transformational change in the online shopping space in India by providing world-class experience to its customers.
FITIQUETTE is the first virtual dressing room of its kind globally. This unique innovation generates a virtual mannequin based on various body types to which users can further adjust each specific measurement according to their body until it closely mirrors their own. This technology enables online shoppers to virtually 'try before they buy', providing an online shopping experience which is very similar to the offline model.
With this acquisition, Myntra.com will have the ability to provide the best virtual solution to solve a perceived barrier of shopping online - finding the right fit and size.
Mukesh Bansal, CEO & Co-founder, Myntra says "Myntra aims to create the most compelling Fashion Shopping experience for Indian consumers at par or better than global standards. FITIQUETTE has developed pioneering technology for solving the Fit/Size problem online. 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."
Andy Pandharikar, CEO & Co-founder, FITIQUETTE says "The Indian e-commerce industry is growing at breakneck speed and it is a great time to be a part of this journey. I'm confident that FITIQUETTE's powerful technology will benefit Myntra's vision of providing world class solutions to online shoppers across the country."
The FITIQUETTE team will be joining Myntra with Andy heading Myntra's newly formed Innovation Labs in San Francisco.
In November 2012, Myntra acquired Sher Singh, a global private label online brand specializing in sports-inspired lifestyle apparel for men and women and its New York based parent company Exclusively.in
Headquartered in Bangalore, India, Myntra was started by a group of IIT/IIM graduates in 2007. Myntra is among the best funded ecommerce companies in India by top tier VC funds - Tiger Global, IndoUS Venture Partners, IDG and Accel Partners. The company's ecommerce platformMyntra.com is today the largest in the fashion and lifestyle segment.