Over the years, the online shopping industry has become a huge success along with all its major players. Flipkart has emerged as one of the leading names when it comes to e-commerce companies in India.
To keep its stand strong in the market, Flipkart has acquired many companies over the years to minimize the competition.
2012: Letsbuy.com
Letsbuy is an online electronics retailer of branded computer technology and digital lifestyle products with more than 5000 products from top international and domestic brands. The company was founded in 2009 by Hitesh Dhingra and Amanpreet Bajaj and in 2012 Flipkart acquired Letsbuy.com for $25 million.
2014: Myntra
Myntra is a fashion e-commerce company that was founded in 2007 by Mukesh Bansal, Ashutosh Lawania, and Vineet Saxena. The company has been doing really well since its launch and it was in 2014 that Flipkart acquired Myntra in a deal valued at ₹2,000 crores (US$280 million).
2015: FX Mart
FX Mart is a company that engages in electronic payments, remittance, foreign exchange, and travel-related businesses. Founded in 2012, the company was acquired by Flipkart in a deal of Rs 45.4 crore ($6.8 million).
2016: PhonePe
PhonePe was founded in December 2015, by Sameer Nigam, Rahul Chari, and Burzin Engineer. The PhonePe app went live in August 2016 and was the first payment app built on Unified Payments Interface.
2016: Jabong.com
Jabong.com was an Indian fashion and lifestyle e-commerce portal founded by Praveen Sinha, Lakshmi Potluri, Arun Chandra Mohan, and Manu Kumar Jain in 2012. In July 2016 Flipkart acquired Jabong through its unit Myntra for about $70 million.
However, in February 2020, Flipkart formally shut down Jabong to shift focus completely on its premium clothing platform Myntra.
2017: eBay
In April 2017, Flipkart had acquired eBay’s India operations in exchange for equity; eBay had then invested $500 million in cash in Flipkart. However, in May 2018, after Walmart announced its decision to acquire a 77 percent stake in Flipkart, eBay sold its stake in the Indian e-tailer for about $1.1 billion.
Also Read: 8 Biggest Mergers And Acquisitions Of 2017
