Indian online retailer, Flipkart.com has acquired smaller rival Letsbuy.com in a cash and stock deal without specifying the value of the transaction, but people familiar with the matter said it was worth around $20-$25 million. The founder of Letsbuy along with their team of over 350 people will continue to function independently.
"This acquisition fits into our strategy of building dominant shares in all categories we operate in. We are already leaders in the books and media verticals," Flipkart Co-founder and CEO Sachin Bansal said in a statement. "This acquisition opportunity came at a very attractive price for us and the timing has also been ideal."
Letsbuy.com founder and CEO Hitesh Dhingra said the firm's expertise in selling consumer electronics and computers, "matched with Flipkart's superior technology and supply chain, could be a killer combination."
Source:- Times Of India