Aditya Birla Fashion and Retail, a subsidiary of Aditya Birla Group will buy Jaypore E-commerce Ltd. The e-commerce company primarily administers an eponymous ethnic item market.
In a regulatory filing, Aditya Birla Fashion said that the company will completely acquire Jaypore for INR 110 crore.
The deal is likely to close between 30 to 45 days, said Aditya Birla Fashion. In the companys statement, Ashish Dikshit, MD of Aditya Birla Fashion said that the acquisition of Jaypore was a planned action besides the portfolio, further adding that it would give the company a strong presence in the ethnic products segment.
Jaypore is a brand with strong equity and with a differentiated offering of products based on Indian crafts, Dikshit said.
Jaypore was originally initiated by Shilpa Sharma, Aarti Jerani and Puneet Chawla. The e-commerce marketplace sells various items like apparel, jewellery, accessories and home embellishments. The company, which has its presence in more than 60 countries, sells apparel under its own brand name. Sequoia Capital and Lightspeed Venture are some of its competitors.