Flipkart Acquires E-Commerce Portal Letsbuy

Bangalore: The acquisition spree continues. Flipkart, an online retailer, has acquired fellow Internet startup Letsbuy.com. The acquisition is in the form of cash and stock deal and the valuation of the deal is not specified. The deal will give Flipkart a much deeper catalog of electronics products.

Co-Founded by Hitesh Dhingra and Amanpreet Bajaj in 2009, Letsbuy.com is an online portal that deals with branded computer technology and digital lifestyle products. Dhingra, Co-Founder and CEO, Letsbuy.com said that the company had a choice to raise a large round of funding as well. But they opted to align with the largest player in the market.

Established in 2007 by Sachin and Binny Bansal, Flipkart is a Bangalore based ecommerce company. The company sells products in over 11 categories, ranging from mobiles to home appliances. It has offices in Bangalore, Delhi, Chennai, and Kolkata. Sachin , Co-Founder and CEO, Flipkart, said that the acquisition fits into their strategy of building dominant shares in all categories we operate in. Sachin is a graduate from IIT Delhi with a degree in Computer Engineering.

Recently Flipkart raised $150 million from its existing investors Accel Partners and Tiger Global Management in its fourth round of funding. Even Accel Partners and Tiger Global Management have made investments in Letsbuy.com. Filpkart will continue to scrutinize for more acquisition opportunities and any business that offers access to a large customer base.