Bangalore: No soon after Flipkart's entry into fashion apparel industry with Flippd about a month ago, the India’s e-commerce big daddy has offered to buy out Myntra, the largest online fashion retailer of the country. The move is initiated by common investors US hedge fund Tiger Global and venture capital firm Accel Partners as told by people directly aware of the matter. Jointly, they own 53 percent shares in Myntra. The co-founder of Myntra, Mukesh Bansal, is apparently not entirely happy with the proposal. He, along with smaller investors of his company namely, IDG Ventures and Kalaari Capital, prefer raising another round of funds rather than selling off the company right now, the sources reporting to Times Of India said.

The Flipkart offer is essentially an acquisition but involves keeping Myntra as a separate unit. India’s largest online sales generating company, Flipkart is trying to buy its smaller counterparts in the fashion apparel domain. While Myntra remains undecided to the proposition, FlipKart says that it does not comment on market speculation. Tiger and Accel were not available for comments as well.