Quite a big news for the e-commerce sector. Recently, Flipkart owned online fashion store Myntra has acquired a Bengaluru based smart wearables startup Witworks for an undisclosed amount.
Witworks has mainly focused on building smart wearable devices and their underlying software. Post-acquisition Myntra would be absorbing the team to its Innovation Labs, and this would be further strengthening its technology team and product development capabilities.
To look back, Witworks was initially launched in 2014 by Somnath Meher, Ankit DP, and Chandrashekhar Iyer. The company had launched its flagship wearable device Blink Watch in 2016, that operates on its voice-based platform Marvin OS. It also has a range of audio and fitness wearable devices, under the same brand.
Myntra reported that this acquisition would be of great help to them. Now, wearable products would be present for their in-house brands as well as leverage technology to drive innovation and improve consumer engagement in the future.
To this, Jeyandran Venugopal, Chief Technology Officer, Myntra also added that “Wearables is currently a Rs 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.”
Also to know more, Myntra currently has 14 in-house/private labels across men and women’s fashion, and an offline retail store for their private label Roadster in Bengaluru. In fact, Myntra is also planning for more stores for the same label as well as for their other private labels.