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In what is being termed as the biggest acquisition ever in the Indian e-commerce space, online retailer <keyword id="6354742" type="COMPANY" weightage="100" keywordseo="Flipkart">Flipkart</keyword> has bought out fashion e-tailer <keyword id="319719" type="COMPANY" weightage="100" keywordseo="Myntra">Myntra</keyword>.com. The move is being seen as a response to counter its fast-growing rival <keyword id="541988" type="COMPANY" weightage="60" keywordseo="SnapDeal">Snapdeal</keyword>. 
 
Although it was not officially confirmed, analysts’ speculations pegged the buyout at over $300 million. 
 
However, both companies will work independently for now and there is no immediate plan to merge their fashion businesses. 
 
As per the deal, Myntra CEO Mukesh Bansal will join Flipkart’s board and will head the fashion vertical at both Flipkart and Myntra. While Myntra employees will ‘remain in current positions,’ they will also be offered stock options in Flipkart. 
 Flipkart co-founder <keyword id="225032" type="PERSON" weightage="100" keywordseo="Sachin-Bansal">Sachin Bansal</keyword> insisted that it was a ‘completely different acquisition story’ as it was not ‘driven by distress.’ The heads of both the companies said they were scripting “one of the largest e-commerce stories.” 
 
According to Mukesh Bansal, Myntra alone holds 30% of the market share and together, both the companies will account for 50% of the online fashion market. “We hope to take this figure to about 60-70% in the long term,” he said. 
 
Sachin Bansal further said that Flipkart would invest $100 million in its own fashion vertical in the near future.

Flipkart Acquires Fashion E-tailer Myntra For $300
Million

India’s ecommerce giant <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword> is in acquiring mode. The intention is to be an online market where each and everything under the sun will be available for grab. And how to achieve so? 
 
Well, as per a news report in The Economic Times, Flipkart is scouting for more mobile-focused companies to acquire this year, both for their technology and employees, as it looks to build capabilities that it expects will give it an edge over rivals. 
 "Overall, we feel that the startup ecosystem is growing very rapidly and most innovation is on the mobile platform, so we are very actively looking at every opportunity for talent purposes," Mukesh Bansal, head of Flipkart's commerce platform and chief executive of its fashion arm <keyword id="319719" type="COMPANY" weightage="20" keywordseo="Myntra">Myntra</keyword> told the ET. 
 As per the ET report, Flipkart has bought mobile marketing automation platform Appiterate for an undisclosed sum last month. In March, it acquired mobile ad network AdIQuity, and in January, bought a stake in auctions startup <keyword id="2849071" type="UNKNOWN" weightage="20" keywordseo="WeHive-Technologies">WeHive Technologies</keyword>. 
 
Sachin Bansal, group CEO of Flipkart and the head of its newly carved advertising business, told the financial daily, the company will begin advertising on Myntra's mobile app in a few months. "We are thinking of native and video advertising on the mobile and are experimenting with that," he said. "Banners and all don't work well on mobile." 
 (Image: <keyword id="-101" type="COMPANY" weightage="20" keywordseo="India-Times">India Times</keyword>)

If yours is a mobile focused company, Flipkart may acquire it

<keyword id="705865" type="PERSON" weightage="100" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword>, who once headed Flipkart's commerce platform and co-founded Myntra, has found a new way to keep himself occupied. Bansal is backing a Bengaluru-based start-up called Cult, as he looks to tap the fitness market. The amount that he has invested in the start-up remains unknown. 
 
Cult is focused on training programmes without using any traditional gym equipment. 
 
It was only a few days back that Bansal had announced a new venture in the healthcare and fitness space along with Ankit Nagori, his former colleague from Flipkart. Both Bansal and Nagori had quit Flipkart in February. 
 
"This is a unique and interesting idea in the space of fitness. I have personally trained here and realize the potential it has to offer. They are looking to expand within and outside of Bengaluru with the fresh capital," Bansal told TOI. 
 
There are talks of Cult's services being integrated with Bansal's new healthcare start-up, even though nothing has been officially announced. 
Talking of Cult, it is co-founded by Rishabh Telang and his brother-in-law Deepak Poduval, and has been operating since May last year. Along with an existing centre in the suburbs of Bengaluru, there are plans to open a few more centres in Bengaluru before they expand to other cities. 
 
<a href="http://bsmedia.business-standard.com/_media/bs/img/article/2016-02/24/full/1456258838-323.jpg">Image source</a>

Ex-Flipkart honcho Mukesh Bansal invests in Bengaluru-based fitness start-up

BANGALORE|NEW DELHI: Even a decade ago, the name "Bansal" would have brought in images of coaching classes in Rajasthan's Kota, but today it is the common factor binding the who's who of India's fledgling e-commerce sector. 
 Five young men who answer to that name have emerged as trailblazers of Indian e-commerce, taking on global biggies like <keyword id="18635" type="CITY" weightage="60" keywordseo="Amazon">Amazon</keyword> and eBay for top honours in the country's exploding market for online retail. 
 Online marketplaces <keyword id="6354742" type="COMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> and Snapdeal, apparel retailer <keyword id="319719" type="COMPANY" weightage="80" keywordseo="Myntra">Myntra</keyword> and eyewear retailer <keyword id="1518229" type="PERSON" weightage="80" keywordseo="Lenskart">LensKart</keyword> all have Bansals at the helm. Such is their clout that they account for nearly Rs 10,000 crore of the total online retail pie of about $2 billion. 
 
But their adeptness at trade and commerce is not a state secret. As a sub-sect of the Aggarwal community, the Bansals are known for running a tight ship when it comes to business and entrepreneurship. 
 "We (Bansals) have the math, <keyword id="25455" type="ORGANIZATION" weightage="40" keywordseo="finance">finance</keyword> and data skills that are extremely important for e-commerce," said Rohit Bansal who teamed up with schoolmate and Wharton alumnus Kunal Bahl to set up online marketplace Snapdeal in 2010. 
 
 
 
The Bansals of the new economy also sport degrees from IIT and IIMs. The five Bansals with their four companies - Flipkart, Myntra, Snapdeal and LensKart - set up shop within the last seven years and control about 85% of India's entire e-tailing industry. 
 
But they have to contend with the might of $75-billion (Rs 4.5 lakh crore) Amazon, which entered India last year and is investing heavily. Heading the fightback are <keyword id="225032" type="PERSON" weightage="40" keywordseo="Sachin-Bansal">Sachin Bansal</keyword>, 32, and Binny Bansal, 31- founders of Bangalore-based Flipkart - who met each other while studying at IIT-Delhi. Their company today generates about Rs 6,100 crore in sales, half the industry total.Flipkart is also the biggest challenge for Amazon, a company where both the Bansals honed their skills before setting up on their own in 2007. Coming second is Snapdeal, whose Rohit Bansal, 31, graduated ahead of Sachin and Binny from IIT Delhi. <div style="page-break-after: always;">
	&#xa0;</div>
 
 "My ancestors from my paternal and maternal sides have all been <keyword id="80597" type="POSITION" weightage="40" keywordseo="Businessmen">businessmen</keyword>," said Rohit Bansal, who is from Malout, a small town in Punjab, just four hours from Chandigarh where the Bansals from Flipkart grew up. 
 
Snapdeal’s turnover is now half of Flipkart, and it is expected to cross the $1 billion mark next year. The Bansals are making a mark not just in horizontal marketplaces, but also single-category retail. Bangalore-based Myntra Designs, founded by another IITian Mukesh Bansal, is giving stiff competition to Flipkart in apparel, one of the highest-margin categories, where profits range from 30% to 50%. 
 “It has come full circle with me getting in fashion retail online,” said Mukesh Bansal, <keyword id="5645" type="POSITION" weightage="40" keywordseo="CEO">CEO</keyword> at Myntra, who hails from Haridwar. His father had opted for a public sector job over joining the family business — ironically, clothes trading. “No family influence made me think of entrepreneurship. But the startup bug bit me in Silicon Valley,” said Myntra’s Bansal, 38, who moved to India to start Myntra in 2007. His venture is targeting sales of Rs 1,500 crore next fiscal from apparel sales, the largest in its category. 
 
LensKart, founded by another Peyush Bansal, 30, is considering selling his other portals such as WatchKart, BagsKart and JewelKart to a horizontal player at the ‘right price’ to focus on the eyewear market. “My parents didn’t understand while I was starting up. But they came around later. You have to understand that they are products of their generation,” said Bansal, who is targeting revenue of Rs 100 crore from LensKart next fiscal. 
 
RBI Chair Professor for Economics &amp; Social Sciences at IIM Bangalore Charan Singh says that a community’s dominance over a certain trade is a factor of its social interactions. “It can be likened to the Jewish community in the US which continues to hold top posts in US banking and technology industry.” Ashish Jhalani, head of retail advisory firm eTailing India, agrees. “Certain communities in India do encourage entrepreneurship. The Bansals and Aggarwals have definitely dominated businesses in India, particularly retail trading, for centuries.”

Flipkart, Lenskart, Myntra & Snapdeal, Led By Bansals, Account For 10k Crore Of 12k-Crore E-Commerce Market

<a href="http://www.businessinsider.in/searchresult.cms?query=Punit+Soni&amp;sortorder=effectivedate">Punit Soni</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a>’s Chief Product Officer has quit, in about a year of joining. <a href="http://www.businessinsider.in/searchresult.cms?query=Punit+Soni&amp;sortorder=effectivedate">Soni</a> was responsible for significantly enhancing the product design capability and hiring a robust tech team. 
 
Before <a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=Punit+Soni&amp;sortorder=effectivedate">Soni</a> was a Google executive with expertise in mobile technology. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=Flipkart&amp;sortorder=effectivedate">Flipkart</a> and ex-CEO <a href="http://www.businessinsider.in/searchresult.cms?query=Sachin+Bansal&amp;sortorder=effectivedate">Sachin Bansal</a> had been denying Soni's move for over three months. However, now the company has confirmed Soni’s departure. 
 
At Google, <a href="http://www.businessinsider.in/searchresult.cms?query=Punit+Soni&amp;sortorder=effectivedate">Soni</a> was responsible for managing and launching products such as mobile apps for the search giant and Moto G for Motorola Mobility. 
 Soni’s exit comes after <keyword id="6354742" type="COMPANY" weightage="60" keywordseo="Flipkart">Flipkart</keyword>'s commerce platform head <a href="http://www.businessinsider.in/searchresult.cms?query=Mukesh+Bansal&amp;sortorder=effectivedate">Mukesh Bansal</a> and Chief Business Officer <keyword id="2350508" type="COMPANY" weightage="100" keywordseo="Ankit-Nagori">Ankit Nagori</keyword> quit the company earlier this year. 
 
<a href="http://static4.businessinsider.com/image/550011f76bb3f7eb60215c96-960/punit-soni.jpg">Image source</a>

Another blow to Flipkart: Chief Product Officer Punit Soni bids adieu

After <a href="http://www.businessinsider.in/Snapdeal-aims-to-overthrow-Flipkart-says-CEO-Kunal-Bahl/articleshow/48741092.cms">Snapdeal’s CEO Kunal Bahl openly declared war against Flipkart</a>, the latter company did not sit back and came out with a scathing reply. 
Bahl said that he aimed at overthrowing <a href="http://www.businessinsider.in/searchresult.cms?query=flipkart">Flipkart</a> to become India’s largest <keyword id="533344" type="UNKNOWN" weightage="80" keywordseo="online-marketplace">online marketplace</keyword>. Now, Flipkart fired back saying that no online retailer in the country would be even half its size by March 2016. 
 
Head of commerce Mukesh Bansal told ET Flipkart will sell goods worth $10 billion (Rs 65,000 crore) during fiscal 2016. 
 
The war of words between the two <a href="http://www.businessinsider.in/Life-AfterFlipkart-Myntra-Deal-Will-These-3-Trends-Rule-E-commerce-In-India/articleshow/37075286.cms">e-Commerce</a> marketplaces comes ahead of the <a href="http://www.businessinsider.in/E-Commerce-industry-is-ready-to-host-the-Diwali-season-Are-you/articleshow/48680283.cms">festive season</a>. 
 
This year, the contest is going to be more aggressive as e-tailers are backed by stores of investor money like never before. 
 
Bansal wants to sell goods worth $100 billion in five to seven years and as per him the retail industry would be worth $1 trillion with online sales accounting for 15-20% of the total. 
 
He claimed Flipkart will have more than 70% market share, helping them cross $100 billion. 
 
As per Chief Business Officer Ankit Nagori, Flipkart's fashion category, including Myntra, has crossed $1.5 billion in Gross Merchandise Value (GMV) already. 
 
GMV is an important metric that online retailers use to measure growth, and valuation is dependent in large part on this number. 
 
Meanwhile, Snapdeal has raised $500 million from <a href="http://www.businessinsider.in/searchresult.cms?query=foxconn">Foxconn</a>, <a href="http://www.businessinsider.in/searchresult.cms?query=softbank">SoftBank</a> and Alibaba, whereas as per reports, Flipkart have closed $700 million in funding. 
 
The pre-Diwali sale will be closely watched, also because of Flipkart’s flop ‘Big Billion Day’ last year. 
 
Flipkart recently hired top technology talent from Google and Motorola to lead product development. 
 
(Image: Thinkstock)

Swords are drawn; Snapdeal and Flipkart are challenging each other to become numero uno

<ul><li>Flipkart is planning an IPO in the US by 2022. </li><li>Co-founder <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> has also sold a part of his stake in the company for $76.4 million.</li><li>Reports have been doing the rounds about <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> planning an exit from its biggest investment, because of India’s new e-commerce rules making the market complicated.</li></ul>Within a year of Walmart acquiring Flipkart, the global giant might exit it as Indian e-commerce player plans to raise money in the US markets. Flipkart<a href="https://economictimes.indiatimes.com/markets/ipos/fpos/flipkart-charts-roadmap-for-us-listing-by-2022/articleshow/69920934.cms"> is reportedly </a>heading for Initial Public Offer (IPO) in 2022 in the US, and this might mark the exit of its largest investor, Walmart. According to the ET report, Flipkart CEO Kalyan Krishnamurthy has already told his senior management to get ready for an IPO, and also aim at achieving profitability. Cashing out But it doesn’t stop there. Flipkart co-founder Binny Bansal, who had exited from all operational roles in the company over allegations of personal misconduct, has also sold a part of his shares for $76.4 million, according to filings sourced by paper.vc. Now, Bansal has a residual share of 3.52% in the company, down from 3.85%. Paper.vc also reported that Bansal had cashed out $159 million during the sale of Flipkart. Walmart had then acquired 77% stake in Flipkart for $16 billion. Reports have long been doing the rounds about Walmart planning an exit from the Indian retail company. While Flipkart’s latest revenue reports are not in, the company reported a loss of ₹11.6 billion in March 2018. <a href="https://yourstory.com/2019/06/ecommerce-walmart-funding-flipkart">Walmart</a> was also considering to pump in $1.2 billion more to fund Flipkart’s operations. Earlier in February 2019, Morgan Stanley also warned Walmart about its plans for the India market – the Indian e-commerce market was becoming “more complicated.” This report from Morgan Stanley had come after India’s new e-commerce rules which introduced tighter guidelines. As per the new rules, global players like Amazon or the Walmart-Flipkart entity, are barred from selling products from vendors they have own a stake in. Meanwhile, an Indian player which would be exempt from these rules is – Mukesh Ambani owned Jio along with <a href="https://www.livemint.com/companies/news/reliance-retail-testing-grocery-app-before-launch-of-e-commerce-platform-1556042589629.html">Reliance Retail</a>. It is planning its e-commerce debut which could also threaten the market share of the current players. See Also: <a href="https://www.businessinsider.in/govt-panel-on-new-e-commerce-rules-for-amazon-walmart-flipkart-and-snapdeal/articleshow/69892213.cms">A new government panel is looking at making e-commerce easier in India-- but it may be too soon to cheer for Amazon and Walmart</a>

Flipkart’s IPO in the US could see Walmart exit, Binny Bansal has already begun cashing himself out

MUMBAI: The combined entity of Flipkart and <keyword id="319719" type="COMPANY" weightage="80" keywordseo="Myntra">Myntra</keyword> will soon launch a fashion incubator, a first of its kind move by an Indian startup, in its aggressive push to gain complete dominance of the fast-growing online apparel category. In typical venture capital-style investing, the e-commerce combine will select fashion entrepreneurs, give them a platform to retail and after six months to a year pick up equity stakes for up to a million dollars in the best performing brands. 
 Startup incubators are widely run by large technology companies, to spot new ideas and talent, but this would be the first such attempt by an Indian <keyword id="2180871" type="POSITION" weightage="40" keywordseo="e-commerce-player">e-commerce player</keyword>. 
 
Flipkart-Mynta will look to select at least 3-5 such brands annually which can later be retailed on other platforms- online and offline-- said a top executive from the company. The first batch of the incubator is expected to roll out in July which will get on board as many as 20 such entrepreneurs. 
 “The idea is to create sizeable indigenous fashion brands by mentoring young entrepreneurs who do not have access to capital, supply chain and distribution platforms,” said <keyword id="705865" type="PERSON" weightage="60" keywordseo="Mukesh-Bansal">Mukesh Bansal</keyword>, CEO, Myntra &amp; SVP, Flipkart Fashion. We want these budding designers to operate as independent entities in the long-term selling to even our rival e-tailers, Bansal told TOI. 
 
Having merged Myntra with Flipkart last month in a Rs 2,000 crore deal, Bansal said with increased focus on private brands, the combined entity may also evaluate acquisitions going forward to shore up its fashion portfolio. 
 
Abhishek Verma, business head at Myntra said they've roped in mentors for the first batch of the incubator. We’ve got fashion designers, entrepreneurs and successful names from the business of apparel to be a part of the programme. 
 
Myntra’s own set of brands clocking sales of upwards of $10 million include the likes of Dressberry and Roadster. We have an ambitious plan of building multiple hundred million-dollar private brands in the coming years but it’s not feasible to have such a large in-house team therefore, this incubator makes a lot of sense as we scale up our portfolio, Bansal said. 
 The fashion e-commerce category is poised to become the second largest, only after electronics, pushing e-tailers to adopt a frenetic paced growth strategy for the vertical. <keyword id="18635" type="CITY" weightage="40" keywordseo="Amazon">Amazon</keyword>, the world’s largest online retailer, which is starting to get a toehold in the Indian e-commerce market recently forayed into the fashion and apparel category. 
 In the offline retail world, Future group’s founder <keyword id="44950" type="PERSON" weightage="40" keywordseo="Kishore-Biyani">Kishore Biyani</keyword> has been an early backer of several local fashion entrepreneurs who have gone on to create successful brands like AND and Biba. Biyani exited these companies last year only to make windfall gains from his early investments.

You Searched For "Mukesh Bansal head" and got 8 results

Flipkart Acquires Fashion E-tailer Myntra For $300 Million

BI India Bureau

If yours is a mobile focused company, Flipkart may acquire it

BI India Bureau

Ex-Flipkart honcho Mukesh Bansal invests in Bengaluru-based fitness start-up

BI India Bureau

Flipkart, Lenskart, Myntra & Snapdeal, Led By Bansals, Account For 10k Crore Of 12k-Crore E-Commerce Market

Economic Times

Another blow to Flipkart: Chief Product Officer Punit Soni bids adieu

BI India Bureau

Swords are drawn; Snapdeal and Flipkart are challenging each other to become numero uno

BI India Bureau

Flipkart’s IPO in the US could see Walmart exit, Binny Bansal has already begun cashing himself out

Sanchita Dash

Myntra Set To Launch Fashion Incubator

Times Of India

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