Online fashion player Myntra has acquired Bengaluru-based Cubeit for an undisclosed amount. Cubeit focuses on building mobile applications that allows users to aggregate content from any given location.
"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 Myntra's technology team," said the company in a press statement.
Cubeit is Myntra's third technology led acquisition. Myntra acquired Native5, a Bengaluru-based mobile app development platform company in May, 2015 and Fitiquette, a San Francisco-based technology solution in April, 2013.
"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," said Shamik Sharma, Chief Product & Technology Officer, Myntra.
Cubeit, led by co-founders Sarthak Jain, Nithinkumar Gadiparthi and Prathamesh Juvatkar, was founded in 2014.
Myntra, which is aggressively trying to become profitable by this fiscal end has plans to clock in $1 billion gross merchandise value by March 2017.
According to Goldman Sachs, India's ecommerce market is set to soar to $103 billion by FY20 from $26 billion at present.