Myntra is an unit of Flipkart. The two companies merged in 2014 to compete with Amazon. Speaking of the takeover, Flipkart's co-founder Binny Bansal said, "Fashion and lifestyle is one of the biggest drivers of e-commerce growth in India. We have always believed in the fashion and lifestyle segment and Myntra's strong performance has reinforced this faith." He said the latest development is a continuation of the group's journey to transform India's commerce industry. The details of the deal are not known yet.
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