iFashion Group acquires Megafash

iFashion Group has acquired lifestyle marketplace Megafash for $3.5 million in cash and shares.

This acquisition "strengthens iFashion's portfolio and paves the way towards securing an IPO (initial public offering) ", the company said in a statement.

Megafash has an e-commerce platform as well as seven stores with more than 15,000 sq ft of retail space. Its revenue for last year is reportedly $8 million.

"It's an exciting time for us at Megafash," said chief executive and co-founder Ngeow Jiawen. "The brand has grown significantly, from three stores in 2015 to seven stores. In times of economic downtown, we are pleased to say that our revenue grew five times from 2015. We are looking to expand our operations overseas and to double our retail outlets in Singapore."

iFashion Group's plans include filing for an IPO at the end of April or May, the company said.

Fintech accelerator at Lattice80

Startupbootcamp FinTech Singapore, a specialised accelerator programme for regional fintech firms, has moved to Lattice80 - a fintech hub at 80, Robinson Road.

The fintech accelerator programme, launched here in 2014, also has a presence in London, Mumbai and New York.

Besides giving start-ups in the finance industry a boost, Startupbootcamp also runs social events and hackathons across South-east Asia.

Chia Yan Min