Flipkart-owned online fashion portal Myntra has acquired Bengaluru-based wearable device startup Witworks as it looks to tap the fast-growing market for wearables and smart clothing through its own in-house brands.
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.
“Wearables is currently a Rs 3 billion industry in India and is growing rapidly, with online contributing 60 per cent to the total business. This acquisition will help us to solidify our position in this segment and enable us to develop and launch cutting edge wearable,” said Jeyandran Venugopal, Chief Technology Officer at Myntra.
Myntra’s Innovation Labs is already working on products such as smart shoes that help a wearer track several parameters of their workouts, smart watches and even clothing with biosensors that could be able to track the health of a user by analysing sweat and other parameters.
Witworks was founded by Somnath Meher, Ankit DP and Chandrashekhar Iyer, alumni of IIT-Kharagpur in the year 2014. The company in 2016 launched a smartwatch called Blink that operated based on voice inputs. Witworks had also developed its own platform called Marvin OS.