Myntra did not disclose the valuation at which it acquired the startup or any other details of the deal. The team from Witworks, which is made up of just around 15 people, will be absorbed by Myntra's Innovation Labs arm.
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"Wearables is now a Rs 3 billion industry in India and is growing rapidly, with online contributing 60 per cent to the total business".
Myntra said this acquisition will help them wearable products for their in-house brands as well as leverage technology to drive innovation and improve consumer engagement in the future. "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". The Bengaluru-based firm is focussed on producing smart wearable devices and their underlying software.
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Witworks Consumer Technologies was founded in 2014 by Somnath Meher, Ankit DP and Chandrashekhar Iyer, alumni of IIT-Kharagpur. It unveiled its flagship wearable device, the Blink Watch in 2016, which operates on their voice-based platform, Marvin OS.
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