Myntra Acquires Smart Wearables Firm Witworks
Online fashion retailer, Myntra acquired Witworks, a Bangalore based technology start-up, focussed on producing smart wearable devices and their underlying software. As part of the acquisition, Myntra has inducted the team into its Innovation Labs; further strengthening the company’s robust technology team and augmenting its product development capabilities.
This acquisition will enable Myntra to develop wearable products for their in house brands as well as leverage the technology to drive innovation and enhance consumer engagement in the future.
“Wearables is currently a 300 crore industry in India and is growing rapidly, with online contributing 60% to the total business. This acquisition will help us to solidify our position in this segment and enable us to develop and launch cutting edge wearable products like smart shoes, connected smart watches and interactive/intelligent clothing with biosensors,” Jeyandran Venugopal, Chief Technology Officer, Myntra, said in a statement.
Witworks Consumer Technologies was founded in 2014 by Somnath Meher, Ankit DP and Chandrashekhar Iyer, alumni of IIT-Kharagpur. It launched its flagship wearable device, the Blink Watch in 2016, which operates on their voice-based platform, Marvin OS. The platform integrates a host of native and third party services capable of innovative voice and visual interactions, designed specifically for wearable devices. The company also has a range of audio and fitness wearable devices, under the same brand. Witworks has a dedicated product development and marketing team, with capabilities to produce devices in India as well as in global production houses.
In 2016, Myntra bought its competitor Jabong for $70 million to help it compete with bigger rival Amazon. That year it also acquired Cubeit, a firm that facilitates content aggregation on mobile devices. In 2015, Myntra bought Bengaluru-based mobile app development platform company, Native5.
The Flipkart owned company has already partnered with over 2000 leading fashion and lifestyle brands in the country with big names such as Nike, adidas, Puma, Levis, Wrangler, Arrow, Jealous 21, Diesel, CAT, Harley Davidson, Ferrari, Timberland, US Polo, FabIndia, Biba and many more to offer a wide range in latest branded fashion and lifestyle wear. Myntra services over 19,000 locations across the country and is a preferred shopping destination in India.
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