Myntra buys Jabong for $70 mn

India’s biggest online retailer Flipkart is buying a smaller rival Jabong for $70 million (Rs.470 crore) in cash, according to Jabong’s parent company Global Fashion Group (GFG).The acquisition will help Flipkart to compete with its bigger rivals Amazon and Snapdeal.Flipkart’s unit Myntra, an online fashion retailer which is buying Jabong said it aims to create India’s biggest online fashion retailing business.