Flipkart Acquires E-Commerce Portal Letsbuy

Early February 2012, Flipkart raised $150 million in fourth round of funding, and just a few days later, it acquired the fellow Internet startup Letsbuy.com. The acquisition was in the form of cash and stock deal and the valuation of the deal was kept undisclosed.

Letsbuy.com was founded by Hitesh Dhingra and Amarpreet Bajaj in 2009 as an online portal that deals with branded computer technology and digital lifestyle products. The company had raised $6 million in series A round of funding by Helion Venture Partners, Accel Partners and Tiger Global.

Flipkart was established by Sachin and Binny Bansal in 2007 as an e-commerce company. The company scrutinizes for more acquisition opportunities and any business that offers access to a large customer base.