Rumor: Flipkart acquires LetsBuy.com
on February 9th, 2012 
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 the deal 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.
Founded in 2009, by Hitesh Dhingra and Amanpreet Bajaj, LetsBuy.com sells a wide range of products such as Mobile Phones, Digital Cameras, Computers, Electronics, Home Appliances, Gaming, Healthcare, Watches, Toys, Sports and Stationery etc. on the site. In January last year, the company raised $6 million in venture capital funding from Helion Venture Partners, Accel Partners and Tiger Global. There were also reports that the company is in advanced talks to raise over $40 million (Rs 195 crore) from a group of three investors including Sequoia Capital and Matrix Partners, in October last year.
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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