Online Fashion & Lifestyle e-retailer Myntra.com has acquired Fitiquette , a developer of virtual fitting room technology, in an undisclosed amount of funds. This has been the third acquistion of Myntra within 6 months after it acquired New York based Exclusively.in and its private label brand, Sher Singh.com in last November.
A note on Fitiquette’s website confirms the acquisition.
There is a growing need for technology that helps consumers make accurate virtual estimates of how something will look in real life. One of the big gating factors to growth is the lack of personalization, said Andy Pandharikar, CEO/co-founder, Fitiquette. Though The product had still been in pilot mode, but it had already gained some traction, it had attracted some 20,000 users and 2 million-3 million try-ons. And it had already been in discussions with a number of e-commerce players, some well-known, about rolling it out commercially. After the acquisition Andy will be part of the technology team of Myntra.
Reports suggest that Myntra plans to put San-Francisco-based Fitiquette, at the center of a new innovation lab in the city, as well as use Fitiquette’s core product on its retail site to drive more fashion purchases online.
Myntra aims to create the most compelling fashion shopping experience for Indian consumers at par or better than global standards. Speaking over the acquisition, Mukesh Bansal told iamwire that it will address the size question, Fitiquette had developed interesting technology for solving the Fit/Size issue in online purchase. This acquisition will not only help us improve the experience significantly but will also enhance our technology team with addition of top tech talent.
With this acquisition, Myntra will have the ability to provide the virtual solution to solve a perceived barrier of shopping online – finding the right fit and size. This acquisition demonstrates the strength and the rising trend of Indian companies going beyond their boundaries and acquiring international firms.
Founded in 2007, Myntra has around 30,000 products from 500 brands on its website and it had raised $5mn from IDG, NEA-IUV and Accel Partners in 2008 in series A, $14mn in series B in 2010 and $20Mn in series C from Tiger Global.