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The Smart Techie was renamed Siliconindia India Edition starting Feb 2012 to continue the nearly two decade track record of excellence of our US edition.

February - 2011 - issue > Venture Beat

LetsBuy.com secures $6 Million in Series A

ST Team
Thursday, February 3, 2011
ST Team
LetsBuy.com, an e-commerce portal out of India, has just announced that it has raised its first round of funding. The round which was led by Helion Venture Partners, Accel Partners and Tiger Global helped them to raise $6 million. "LetsBuy.com is on the fast-growth path and the VC funding from the leaders in the space will only spur us on. The funds would be deployed in strengthening customer service, technology and supply chain processes," said Hitesh Dhingra, Founder and CEO, LetsBuy.com. It functions as a consumer electronics, communication and computer goods vendor.

It was launched in 2009 by Hitesh Dhingra and Amanpreet Bajaj and is based out of New Delhi. The site’s online catalogue has about 150 brands, which includes HP, Microsoft, Canon, Airtel, BIG TV, WD, MapmyIndia and over 5,000 products. Dhingra added that they sell no grey goods and that all the products on their website are branded. "The LetsBuy.com team has the vision and the business acumen to identify opportunities and make them stepping stones towards growth. In the process they present the best offerings to their customers and meet the goals chalked out by the partner investors. The strategy and plans match those valued by the Accel Partners team," said Prashanth Prakash, partner, Accel Partners.

"India has witnessed tremendous growth in e-commerce and Letsbuy has been part of that growth. The team has the vision to have identified a very compelling opportunity and the execution skills to deliver to it," said Ashish Gupta, Managing Director, Helion Venture Partners. As part of strengthening their customer service the company, which currently has a head count of 25, is planning on hiring 35-45 people in the next quarter.
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