Re-affirming its focus towards being a mobile-only platform, Myntra has now acquired Native5 (via ET), a mobile-tech startup based out of Bangalore which has developed a cloud-based platform to create and deploy apps across the cloud on smartphones and tablets.
Native5, founded in 2011 by Manish Priyadarshi, Barada Sahu and Shamik Datta, has developed an online platform which helps app developers create and deploy their mobile applications across smart phones, tablets and desktops.
As for the financials involved in the deal, TOI cites sources saying that this is more of an acqui-hire, wherein Myntra will absorb all the three co-founders of Native5 under its own ambit, probably resulting in discontinuation of native5’s current cloud-based offering. Moreover, companies like Myntra, who are looking to transform into a different platform altogether are generally inclined towards tech behind a product, rather than the product itself.
Native5 was incubated at Microsoft Accelerator in 2013 and it was a part of the Nasscom 10,000 Startup programme the same year.
While neither Myntra nor Native5 immediately responded to our e-mailed comments, Pooja Gupta, VP, human resource at Myntra, told TOI
We are always on the look-out to acquire companies that can add value to our business – however, we are very particular that the entity/business being considered makes not just business sense but ties in with our culture and value proposition.
Twice in the timeframe of past 3 months, we have received reports confirming that Myntra will shut down its web-platform by this year’s, thus shifting completely to a mobile-based platform.
The company launched its mobile app last year and has seen huge rise in the app’s usage on all platforms – Android, iOS and Windows. This also seems to be a good move for the company itself, as it draws about 80% of its traffic and 70% of sales from its mobile app.
