Fashion ecommerce mogul Myntra has announced that it has acquired Witworks, a Bengaluru based technology startup, focussed on producing smart wearable devices and their underlying software.
Post-acquisition Myntra has inducted the startup’s team into its Innovation Labs; further strengthening the company’s robust technology team and augmenting its product development capabilities.
As Jeyandran Venugopal, Chief Technology Officer, Myntra, said, “Wearables is currently a $46 Mn (INR 300 Cr) industry in India and is growing rapidly, with online contributing 60% 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 products like smart shoes, connected smart watches and interactive or intelligent clothing with biosensors.”
Synergy Between Myntra And Witworks
Founded in 2014 by Somnath Meher, Ankit DP and Chandrashekhar Iyer, Witworks Consumer Technologies launched its flagship wearable device, the Blink Watch in 2016, which operates on their voice-based platform, Marvin OS.
The platform integrates a host of native and third-party services capable of innovative voice and visual interactions, designed specifically for wearable devices. It also has a range of audio and fitness wearable devices, under the same brand.
This acquisition will enable Myntra to develop wearable products for their in-house brands as well as leverage the technology to drive innovation and enhance consumer engagement in the future.