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Fashion e-tailer Myntra has taken over tech startup Witworks for an undisclosed amount to further strengthen its technology team and product development capabilities.
The Bengaluru-based Witworks is focused on building smart wearable devices and their underlying software. As a part of the acquisition, the Flipkart-owned firm will induct the startup’s team into its Innovation Labs.
“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 enable us to develop and launch cutting-edge wearable products like smart shoes, connected smart watches and interactive and intelligent clothing with biosensors,” Myntra’s chief technology officer Jeyandran Venugopal said in a statement.
Witworks Consumer Tech was founded by IIT-Kharagpur alumni Somnath Meher, Ankit DP and Chandrashekhar Iyer in 2014. The firm unveiled its flagship wearable device, the Blink Watch in 2016, which operates on their voice-based platform, Marvin OS. It also has a range of audio and fitness wearable devices, under the same brand. Besides, it has a product development and marketing team, with capabilities to produce devices in India as well as in global production houses.
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The acquisition will enable it to develop wearable products for its in-house brands as well as leverage the technology to drive innovation and enhance consumer engagement in the future, Myntra said in a statement.
Earlier in 2016, the online fashion mogul has also acquired Jabong in $70 million discount deal to become India’s largest fashion platform. The same year it bought a content aggregation platform, Cubeit. In 2015, it acquired Bengaluru-based mobile application development platform, Native5. In 2013, it also acquired US-based firm Fitiquette.
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