Myntra an Online fashion player has acquired Bengaluru based Cubeit for an undisclosed amount. This acquisition will strengthen and expand the technology team.
Shamik Sharma Chief Product and Technology Officer at Myntra said
“Technology is at the core of our operations and we are looking at leveraging it to further enhance customer experience through social and community interactions on our platforms.”
Cubeit was founded in 2014 by Sarthak Jain, Prathamesh Juvatkar and Nithinkumar Gaduparthi. It focuses on building mobile applications allowing users to aggregate content from any location, view, share and organise the same from a particular location.
For Myntra, this is the 3rd technology led acquisition. In April 2013, it acquired Fitiquette, San Francisco-based technology solution offering a virtual fitting room solution. In May 2015, it acquired Native5 a Bengaluru based mobile app development platform.
By March 2017, Myntra aggressively trying to become profitable by this fiscal end, plans to clock in $1 million gross merchandise value.