Fipkarts fashion and lifestyle e-commerce major Myntra acquired Bengaluru-based wearable tech startup Witworks for an undisclosed amount
Myntra announced the acquisition of Witworks Consumer Technologies Pvt. Ltd on April 17, 2018. As a part of acquisition, the startup company will be working with Innovation Labs of Myntra to explore new product ideas. “This acquisition will help us to solidify our position in this segment and enable us to develop and launch cutting-edge wearable products such as smart shoes, connected smart watches, and interactive/intelligent clothing with biosensors,” said Myntra’s chief technology officer Jeyandran Venugopal.
A consumer Internet of Things (IoT) company, Witworks was established in 2014, by Indian Institute of Technology-Kharagpur alumni Somnath Meher, Ankit DP and Chandrashekhar Iyer. The company in engaged in developing software for various audio and fitness wearable devices and its flagship product, Blink Watch, which was launched in 2016. The wrist wearable runs on Witworks’ voice-based platform called Marvin OS, which integrates native and third-party services.
The acquisition of Witworks comes months after VCCircle had reported that Myntra was likely to acquire a stake in Mumbai-based women-focused online fashion platform 20Dresses.com. Myntra’s investment into 20Dresses will be tied to the company’s net sales on both Myntra and sister concern Jabong on a year-on-year basis. Previously Myntra acquired several technology companies. For instance, in April 2017, the company acquired logistics startup InLogg to solve delivery inefficiencies in terms of cost and reach. Furthermore, it acquired Cubeit, a Bangalore-based tech startup in 2016 and Native5, another Bangalore-based mobile App development firm, in 2015.