Flipkart’s acqisition of Letsbuy confirmed

Tech News & Gadget Reviews (Feb 10 2012) Acquisition

1. One of the biggest deals in India’s nascent online retail business has been conformed. Flipkart has announced it has acquired Letsbuy as was reported earlier in the week. “This acquisition opportunity came at a very attractive price for us and the timing has also been ideal,” Flipkart’s co-founder and chief executive officer, Sachin Bansal was quoted in the Economic Times. The financial aspects of the acquisition have not been revealed though word on the street pegs it between $20-$30 million in part-cash and part-stock deal. Earlier this month, Amazon India launched Junglee, a non-transactional, online price comparison ... (Read Full Article)

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