Flipkart Buy LetsBuy.com between $20-25 million
While details of the deal were not made public in the statement released by Flipkart, reports suggest that the deal could be anywhere between $20-25 million (Rs 100-125 crore).
The reports say that the terms and the conditions are unknown, and more to it the two companies are most likely to declare this news in 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.
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 .
Last year, Flipkart raised $150 million to $200 million from Private equity firms Carlyle and General Atlantic. Flipkart vice president Ravi Vora states that the company is expecting a growth of more than 10-fold this financial year, and is planning to introduce new product categories and invest in logistics and technology. The acquisition of LetsBuy.com, if it turns out to be true, would take Flipkart several steps ahead of its rival companies in the Indian e-commerce space.
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