Online fashion retailer Myntra Designes Private Limited has acquired Bengalore based mobile application development platform Native5 for an undisclosed amount.
Native5 is a cloud based platform to create and distribute mobile applications across smart phones, tablets and desktops. It’s founded in the year 2011 by Manish Priyadarshi, Barada Sahu and Shamik Datta. During May last year, Flipkart acquired Myntra for USD 330 million.
As per report, this deal is an acqui-hire. Acqui-hire is usually a buyout of an organisation to hire a team, not for the prospects of the company or its product.
This acquisition of Myntra is seen as part of its push for becoming a mobile-first and possibly a mobile-only venture in the future.
At the time of writing this article, we are not able to access Native5’s website. It seems like Native5 has already pulled down its website.
This is Myntra’s fourth acquisition. Previously, in the year 2013, Myntra acquired san Francisco based Fitiquette and in November 2012, it acquired Exclusively. Fitiquette is an in-store dressing room experience akin to a virtual fitting room for shoppers to try-on clothes online. Exclusively was a ecommerce site offering designer apparel and accessories. Myntra also acquired shershing.com.
Native5 was part of Microsoft Ventures Accelerator Batch 3 in 2013 and was featured in the Nasscom 10,000 Start-up programme the same year.
The news was first reported by The Times of India on Wednesday