Fashion e-tailer Myntra recently announced it acquisition of Bengaluru-based Cubeit for an undisclosed sum, to focus on content aggregation on mobile. As part of the acquisition, the team at Cubeit has been inducted into Myntra, making it an acqui-hire that will further strengthen and expand the technology team, Myntra said in a statement. No financial details of the deal were disclosed.
Cubeit, was founded by Sarthak Jain, Nithinkumar Gadiparthi and Prathamesh Juvatkar in 2014.
Myntra offers us the opportunity to leverage our skills and further build upon a very strong technological base, Jain said.
Cubeit focusses on building mobile applications that allows users to aggregate content from anywhere, organise, view and share the same from a given location.
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, Myntra Chief Product and Technology Officer Shamik Sharma said.
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.
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Few months back, Myntra took a U-turn when it relaunched its desktop version, contrary to the mobile-only approach the company had adopted. Myntra had sent an email that had said:
We believe fashion is a very personal experience. The best fashion experience, therefore, is a truly personalised and engaging one that is only possible through the device that is closest to you (mobile phone).
The early move was based on the traffic Myntra received via its mobile app. Last year, when it shut down its desktop version, it was generating more than 90 percent of traffic and 70 percent of orders from its mobile app.