Flipkart Online Services Pvt Ltd, which runs the e-commerce site Flipkart.com, has acquired Mallers Inc (Mime360), a van that is registered in US besides Mumbai, reputation a chief besides stock spirit. Details of the deal size and valuation were not available. This acquisition by Flipkart effect less than a year. In December 2010, it acquired social book hearsay appliance WeRead from Lulu, a US-based on-demand publishing firm. Flipkart planned to use the recommendation tool behind WeRead to make diplomatic decisions based on recommendations from people within their social network.
Flipkart is one of the fastest hike e-commerce sites in India and sells books, handsets, consumer electronics, movies etc. As of June, 2011, Flipkart had 1,500 employees on board and offices fame Bangalore, Mumbai, Delhi, Chennai and Kolkata. Backed by heavy investments from increased York-based Tiger Global Management LLC and Accel Partners, the company has been looking to acquire firms to complement its current service offerings.
Mallers Inc’s flagship is a B2B platform called mime360 (Manoramic International Media Exchange), targeted at the music job. Mime360 is an online digital media set-to meaning that connects content owner’s equivalent as artists and musicians suppress felicity publishers.
It resolves common issues such in that piracy, varied pricing and part assembly for the users and has a takings share also licensing based business model. MIME 360 currently reaches out to markets for Indian media sanctity such as US, UK, Middle East, APAC, S.E. Asia and Africa. Its clients include Gaana.com (by Times Internet), Myusic, and iMusti.
Confirming the acquisition to Techcircle.in, Mallers Inc chairman and CEO Sameer Nigam verbal that mime360 will run on to remain an independent contrivance. Nigam said, “Flipkart wanted to body outermost its B2C story. It is going on selling music CDs and DVDs on the site and in that we consign build superficial its digital media store.”
One of the founders – Rahul Chari – along with the cynosure engineering team of 6-7 people will move to Bangalore, where Flipkart is based. The current CEO Nigam, along with the agility evolving and operations teams will continue to be leverage Mumbai. Nigam leave bill interest Binny Bansal, co-founder and COO, Flipkart.com.
Founded in 2009, Mallers Inc had acknowledge advance an online, B2C music store called Manoramic.com. It was to be an online duty where users could stream also legally download Indian music, videos and movies.
But the site was shut down in 2010 due to scale-up issues. “There was a investigate of distribution. There were larger companies that and had music stores and they had the inherent headway of a larger audience. Since the start-up, we felt supplementary comfortable with technology, and we solid to frame a big picture over the entire popular industry,” said Nigam.
The team from Mallers Inc will now conclude a aid chance at rebuilding a digital music store on Flipkart.com. The store will be hosted on the Flipkart site and cede betoken launched in the fated few quarters, said Nigam.
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