Myntra has bought Bengaluru-based start-up Witworks, a maker of wearable devices, for an undisclosed amount, as the Flipkart-owned online fashion retail firm looks to diversify and launch new categories, even as it invests heavily on newer technologies such as Artificial Intelligence. The team from Witworks, which is made up of just around 15 people, will be absorbed by Myntra's Innovation Labs arm. Witworks was launched in 2014 by IIT Kharagpur graduates Somnath Meher, Ankit D.P. and Chandrashekhar Iyer. It unveiled its flagship wearable device, the Blink Watch in 2016, which operates on their voice-based platform, Marvin OS.
Myntra said the latest acquisition will allow the retailer to develop wearable products for its in-house brands. "This acquisition will help us to solidify our position in this segment and enable us to develop and launch cutting edge wearable products like smart shoes, connected smart watches and interactive/intelligent clothing with biosensors".
"Wearables is now a 300 crore industry in India and is growing rapidly, with online contributing 60% to the total business". The company focuses on producing smart wearable devices and software.
The company also has a range of audio and fitness wearable devices, under the same brand. In 2015, Myntra bought Bengaluru-based mobile app development platform company, Native5.
Leading platform for fashion brands and pioneer in m-commerce play, Myntra, on Monday announced that. Myntra services over 19,000 locations across the country and is a preferred shopping destination in India.