Myntra Acquires Tech Startup Native5 for its Talent

Image Source: livemint

Image Source: livemint

Online fashion retailer Myntra has acquired Bengaluru-based mobile application development platform Native5, a move taken in sync with its plan to shift entirely to the mobile platform.

Founded by Manish Priyadarshi, Barada Sahu and Shamik Datta in 2011, Native5 has developed a cloud platform to create and distribute mobile apps across smart phones, tablets and desktops.

According to TOI it’s an acqui-hire, which means, the primary motive behind this acquisition is not Native5’s product but talent.

The size of the deal has not been revealed yet. But it is confirmed that all three Co-Founders shall be absorbed into the Flipkart’s technology team. Flipkart had acquired Myntra for $330 million in May last year.

No direct comment has come from Myntra on the matter yet, but Pooja Gupta, VP, human resource at Myntra, said: “We are always on the look-out to acquire companies that can add value to our business – however, we are very particular that the entity/business being considered makes not just business sense but ties in with our culture and value proposition.”

Native5 was incubated at Microsoft Accelerator in 2013 and it was a part of the Nasscom 10,000 Startup programme the same year. The venture was one of the finalists of Qualcomm’s QPrize in 2012. iSpirt, the software products think-tank, is said to have facilitated the deal. Sanat Rao, partner M&A in iSpirt, declined to comment.

Have ideas to share? Submit a post on iamwire

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>