Fashion ecommerce portal Freecultr is in final stages to be acquired by Arvind Internet, an online arm of the textile manufacturer and the flagship company Arvind Group.
Inc42 sources close to the development, confirmed the acquisition and most of the employees have been asked to leave as the company. The core team and founding members will be joining Arvind as the part of the deal.
Mail sent to Freecultr did not elicit any response.
It is also anticipated that Rajesh Naikar, Chief Product Officer & co-founder of Freecultr, who was earlier the CEO Global Sourcing Solutions at Arvind Ltd, would have led the deal.
Last month, Freecultr’s chief product officer Talvinder Singh had quit the company within a few months of joining.
Freecultr is a lifestyle apparel brand started by Sandeep Singh, Rajesh Naikar, Harish Bahl, and Sujal Shah in 2011. Sujal Shah had left the company in 2013 and Nikita Sukheja was appointed on the boards of the company in 2014.