16 April 2018, India:
Fashion e-commerce firm Myntra has acquired tech startup Witworks. The deal size has not been disclosed yet.
As part of deal, 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,” the company said in a statement.
Jeyandran Venugopal, Chief Technology Officer, Myntra, said, “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.”
Witworks had raised undisclosed amount in seed from from Fireside Ventures, Investopad, P39 Capital and a syndicated group of angels in 2016.
Witworks was founded by Somnath Meher, Ankit DP and Chandrashekhar Iyer in 2014. It makes smart devices in the home and lifestyle space. It has been developing products that solve everyday user problems and enhance their quality of life.
The startup launched its flagship wearable device – Blink Watch in 2016, which operates on their voice-based platform, Marvin OS. The company also has a range of audio and fitness wearable devices, under the same brand.
(Image – Techcircle)