With the growing popularity of the online shopping, Flipkart has evolved as one of the most widely used e-commerce sites in India. The company also acquired Myntra just a couple of months back. Now another US-based online retailer - Amazon which has started operating in India this year has also thought about buying another domestic online retailer in India.
In fact, Amazon is in initial stage of talks to buy fashion and lifestyle portal Jabong. The report came from Economic Times' sources who were familiar with the matter.
As of now, online fashion retailer Jabong is valued at $500 million (Rs 3,000 crore). Back in May Flipkart acquired Myntra for more than $300 million.
As per industry estimates combined market share of Flipkart and Myntra stands at more than 50% while Jabong is responsible for 25% share.
As per a Technopak study, fashion segment is the second largest category in online retail in India resulting in 25% of all sales,
However, these are just the initial talks about the deal, and it is not finalized at the moment.
Stay tuned to GizBot for more updates!