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Updated: It’s Official Flipkart Acquires LetsBuy.com

Update:  Flipkart has officially confirmed the acquisition of Letsbuy. and added that it is a combination of cash and equity. Flipkart co-Founder & CEO Sachin Bansal said that the acquisition opportunity came at a very attractive price. The exact amount of the deal has not been disclosed. In a press statement, Flipkart said that the deal will allow for a faster rate of expansion for both companies - giving the combined entity a much larger share in the consumer electronics market. The founders of Letsbuy along with their 350+ team will continue to function independently, but will be able to access Flipkart’s technology platform and supply chain capabilities. Letsbuy founder & CEO, Hitesh Dhingra said that the Company had a choice to raise a large round of funding as well, however aligning its business with the largest player in the market made sense.   Update: Our sources suggest that LetsBuy's valuation was between $20-25 million. Another suggests that it is upwards of $25-30 million, depending on the payout. Earlier today: Flipkart is set to buy LetsBuy.com, MediaNama had learned from multiple and reliable sources. The terms of the deal are not known, and at the time of filing this report, we're awaiting a confirmation from Flipkart co-founder Binny Bansal. The deal is expected to be announced over the next couple of days. Manish Vij, the co-founder of the Vun Network, and one of the early investors in Letsbuy declined to confirm or deny the development to MediaNama, saying that "LetsBuy is the…

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Written By

Founder @ MediaNama. TED Fellow. Asia21 Fellow @ Asia Society. Co-founder SaveTheInternet.in and Internet Freedom Foundation. Advisory board @ CyberBRICS

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