Flipkart Buy LetsBuy.com between $20-25 million

Flipkart Buy LetsBuy.com between $20-25 million

The Indian E-Commerce space is growing speedily. As per MeidaNama reports last night, Flipkart has acquired LetsBuy.com. Some sources say that the LetsBuy’s valuation was between $20-25 million,
whereas few recommended that it is around $25-30 million, relying on the payout. It is anticipated to be part cash, part equity deal.

The reports say that the terms and the conditions are unknown, and more to it the two companies are most likely to declare this news in the next couple of days.

Flipkart  has 2 million unique and over 5 million visitors every month, and is among the top 4 commerce sites in the country.Amazon failed with an attempt to purchase Flipkart last year, and since then Flipkart ,Now Amazon in India with name Of  junglee.com. And Start One Step For India E-Commerce .

“The acquisition is a combination of cash and equity. The founders of Letsbuy along with their 350+ team will continue to function independently, with the added advantage of now being able to access Flipkart's superior technology platform and supply chain capabilities,” said the statement.

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.