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January 31, 2014 07:51 pm GMT

India Fashion Portal Myntra Raises $50M On A $200M Pre-Money Valuation As Amazon And Flipkart Circle

myntraIndia's e-commerce market is projected to grow sevenfold to $22 billion in the next five years, and investors and global e-commerce companies want to have a piece of the action. We have learned that Myntra, one of the bigger fashion portals in the country focusing both on traditional and more western fashion, has closed a $50 million round of funding. And, as that round closed, itgot approached by both Amazon and Flipkart (known informally as "the Amazon of India"), with Flipkart making an acquisition offer in the region of $200 million.

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