MUMBAI: The combined entity of Flipkart and Myntra will soon launch a
fashion incubator, a first of its kind move by an Indian startup, in its
aggressive push to gain complete dominance of the fast-growing online
apparel category. In typical venture capital-style investing, the
e-commerce combine will select fashion entrepreneurs, give them a
platform to retail and after six months to a year pick up equity stakes
for up to a million dollars in the best performing brands.
Startup incubators are widely run by large technology companies, to spot
new ideas and talent, but this would be the first such attempt by an
Indian e-commerce player.
Flipkart-Mynta will look to select at
least 3-5 such brands annually which can later be retailed on other
platforms- online and offline-- said a top executive from the company.
The first batch of the incubator is expected to roll out in July which
will get on board as many as 20 such entrepreneurs.
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