Flipkart, India's largest e-retailer, acquired online fashion portal Myntra on Thursday and said it would invest $100 million in the fashion business.

"It's a 100 percent acquisition and going forward, we have big plans in this segment," said Sachin Bansal, co-founder of Bangalore-based Flipkart.

Financial details of the deal were not disclosed, but a source in the company said the transaction was valued at close to $300 million.

The deal gives Flipkart a stronger hold in the fast-growing online fashion business in India.