Flipkart Acquires Letsbuy

In a strong move, India’s largest online retailer Flipkart bought Letsbuy, an electronic specified online store. It is speculated that Flipkart bought Letsbuy at $20 million in cash.

In a statement Flipkart’s Co-founder and CEO Sachin Bansal said, “This acquisition opportunity came at a very attractive price for us and the timing has also been ideal.”

Sources are telling that Letsbuy was struggling financially and it was not in a position to sustain long. It was a great deal for them to sale it to Flipkart.

Before going to a competition with global giant in the e-commerce industry, Amazon, this move may consolidate Flipkart’s position in the Indian market.

Recently Flipkart has announced a raising of $31 million and is looking forward to raise $100-$150 million.

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