Following the acquisition, LetsBuy’s team will continue to function independently but will also have access to Flipkart’s technology platform and supply chain capabilities.
The exact price of the acquisition has not been disclosed yet, but some sources suggest that it may have paid between USD 20 million and USD 30 million.
In October 2011, Lets Buy has collected almost USD 40 million from multiple investors including Sequoia Capital and Matrix Partners. In 2010, the company has also secured USD 6 million from Helion Ventures, Accel Partners and Tiger Global.
Flipkart is an Amazon-like e-commerce website which offers books, electronics, mobile phones, games and software.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now