The race to acquire Jabong has come to an end finally with Flipkart’s arm Myntra acquiring the fashion e-retailer on Tuesday. Competitors like Alibaba, Kishore Biyani’s Future Group and Snapdeal were main contenders in the race. Sachin Bansal, Flipkart's co-founder, confirmed the news by welcoming Jabong India to the Flipkart family in a tweet. The tweet read: Welcome@JabongIndia to the @Flipkart family. We'll create history together. While the final deal valuation is not known yet, according to Mint, Kinnevik was seeking a valuation of USD 100-150 million for Jabong. The talks of sale were fueled by reports that Jabong's current owners AB Kinnevik and Rocket Internet were reluctant to pump in more money into Jabong. Kinnevik was in India, in early July, to meet with prospective buyers to discuss the terms of the deal.
Read more at: Myntra acquires Jabong; Sachin Bansal keen on 'creating history' - Moneycontrol.com
Read more at: Myntra acquires Jabong; Sachin Bansal keen on 'creating history' - Moneycontrol.com
