Flipkart Buy LetsBuy.com between $20-25 million

Flipkart Buy LetsBuy.com between $20-25 million

Flipkart has acquired LetsBuy.com, MediaNama has learned about this news from several reliable sources. According to some sources,LetsBuy’s valuation was between $20-25 million, while others suggest that it is upwards of $25-30 million, depending on the payout. The terms of thedeal are not known yet, the report points out, adding that the two companies are likely to announce this news over the next couple of days.

LetsBuy.com which is founded in 2009, by Hitesh Dhingra and Amanpreet Bajaj, sells a huge range of products like – Mobile Phones, Digital Cameras, Computers, Electronics, Home Appliances, Gaming, Healthcare, Watches, Toys, Sports and Stationery etc. on the site at reduced prices. Even on special occasions like Valentines’, offers are provided for the buyers to buy the best products of their choice at low cost.

“Given that we managed to build a leadership position in consumer electronics as well since its launch in early 2011, it made sense for us to consolidate when we saw this opportunity. This acquisition opportunity came at a very attractive price for us and the timing has also been ideal,” said Mr Sachin Bansal, Flipkart's co-founder and CEO.

LetsBuy.com was valuated between $20-30 million. The online retailer has been looking to raise money for a few months now and it was close to raising around $40 , Letsbuy.com acquire its closest competitor and the second largest player in the online retail space,  e-commerce and other online industries are set to continue to grow strongly  now Indian People Also  access to the Web and News Trends is Start in India online Shopping .