A Bengaluru based startup Witworks has recently been acquired by Flipkart-owned online fashion portal, Myntra, at an undisclosed amount.
In 2013, Myntra acquired U.S based firm Fitiquette which created a virtual fitting room technology. Two years later in 2015, Myntra bought a Bengaluru based mobile app Development Company. In 2016, Myntra bought its competitor Jabong with an amount of $70 million to compete with Amazon which is its biggest rival. In the same year, it also acquired Cubeit, a firm that enables content aggregation on mobile devices. And now in 2018, Myntra has acquired Witworks.
This Acquisition will enable Flipkart-owned Company to induct the Witworks team into its Innovation Labs to augment its product development capabilities and strengthen Myntra’s technology team.
After acquisition, Myntra will develop wearable products for their in-house brands with the help of Witworks which focuses on building smart wearable devices at their underlying software.
Somnath Meher, Chandrashekhar Iyer, and Ankit DP launched Witworks in 2014. It unveiled its flagship wearable device, the Blink Watch in 2016, which operates on its voice-based platform, Marvin OS. The company also has a range of Audio and Fitness Wearables devices.
Jeyandran Venugopal, Chief Technology Officer at Myntra said “This acquisition will benefit Myntra in solidifying our position in this online fashion segment and enable us to develop and launch cutting-edge wearable products like, connected smart watches, smart shoes and intelligent/interactive clothing with biosensors.”
They have also added that Wearables are currently a 300 crore industry and is rapidly growing, with 60 percent online contribution to the total business in India.
Myntra said that this acquisition will also enhance consumer engagement and leverage the technology to drive innovation in the future.