Myntra acquires Witworks

Myntra has bought Bengaluru based startup Witworks, a maker of wearable devices, for an undisclosed amount, as the Flipkart owned online fashion retail firm looks to diversify and launch new categories, even as it invests heavily on newer technologies such as Artificial Intelligence.

The latest acquisition effectively allows Myntra to enter the wearable business, even as the retailer is looking to go beyond core fashion and grow sales in categories such as personal care, jewelry and home accessories. In the past five years, Myntra has made at least half a dozen acquisitions, most notably that of smaller rival Jabong, which it bought as part of a cut-price deal of $70 million.

The latest acquisition is an acqui-hire of sorts for Myntra, with the entire team of Witworks being absorbed into Myntra Innovation Labs. In 2016, Witworks launched its flagship device, Blink Watch, which runs on a voice-based platform. Myntra said the latest acquisition will allow the retailer to develop wearable products for its in-house brands.

Myntra has a number of in-house brands or private labels, such as Roadster, Dressberry, Anouk and actor Hrithik Roshan’s HRX brand. Myntra has switched its focus to using its resources to expanding sales faster from trying to turn profitable, while also launching a digital TV channel called Myntra TV on YouTube.