Why flipkart bought letsbuy

We will see many more companies coming into the scene. This is just the tip of the iceberg. Established in by two IIT Delhi graduates Sachin and Binny Bansal, Flipkart with its headquarters in Bangalore was started as an online bookstore, but has since diversified into media, consumer electronics, computers, healthcare and home appliances.

The site ranks among top 30 in the country, as per Alexa rankings and gets around 12 million visits every month. It will be interesting to see what happens in the e-commerce space in the coming months.

Latest Must Read Markets. This acquisition opportunity came at a very attractive price for us and the timing has also been ideal. The synergies will now allow us to accelerate faster and get to a share similar to what we enjoy in the online books category. While the finer details on mutual synergies are being worked out by both teams at present, the move has been welcomed by investors of both firms.

Helion, the lead investor in Letsbuy. We tell your stories. The synergies will now allow us to accelerate faster and get to a share similar to what we enjoy in the online books category. The exact terms of the deal are not announced but sources have confirmed to Techcircle. The acquisition might have come as a surprise to many as the general consensus among the investor community was that Letsbuy.

Earlier, in an interview with Techcircle. Electronics is one of the biggest drivers in e-commerce space across the globe and Letsbuy. For Letsbuy, it could just be a lifeline. A year ago, Letsbuy. It was in talks to raise more funds but talks with a group of three investors, including Sequoia Capital and Matrix Partners, did not come to fruition. At that time, Hitesh Dhingra, co-founder and chief executive officer of Letsbuy.

However, aligning our business with the largest player in the market made sense as the resultant synergies would guarantee our customers the best possible service, price and selection. Top Searches Sensex. Paytm IPO. Bank Holidays in November. This story is from February 10,