Myntra acquires content aggregation start-up Cubeit
Cubeit, founded by Sarthak Jain, Nithinkumar Gadiparthi and Prathamesh Juvatkar in 2014, allows users to aggregate, organise and share content. The company has raised about $3 million from Accel Partners and Helion Venture Partners.
Shamik Sharma, Chief Product & Technology Officer, Myntra, said,
“Technology is at the core of our operations and we are looking at leveraging it to further enhance customer experience through social and community interactions on our platforms. We have always been on the lookout for quality talent and the Cubeit team brings with it the expertise and experience to help strengthen our offerings.”
The startup aims at making content collection, organisation and sharing easier by allowing users to aggregate content from any given location. The user can access multiple apps, as per the requirement, through a smart interface, and can share the same with individuals or groups. Its services are mainly utilised in indoor locations such as malls, museums and airports.
“Myntra offers us the opportunity to leverage our skills and further build upon a very strong technological base,”
Mr Jain,Co-founder of Cubeit said.
Cubeit executives will join Myntra’s technology team. Myntra is targeting gross merchandise value (GMV) of $1 billion in the next fiscal year. GMV does not include discounts and returns.
This is the third technology-led acquisition for Myntra, which is part of e-commerce giant Flipkart.
In May last year, it had acquired Native5, another Bengaluru-based mobile app development platform (acqui-hire).In April 2013, Myntra had acquired San Francisco-based technology solution, Fitiquette, which offered a virtual fitting room solution.