Flipkart.com, one of India’s largest online retailers is all set to take over letsbuy.com. LetsBuy is the second largest player in the India. It is also the strongest competitor to Flipkart. Letsbuy.com was started by Hitesh Dhingra and Amanpreet Bajaj in 2009 and since then it has grown into a popular online retail store in India.
A report in tech2 states:
“From a comscore standpoint, it (Letsbuy) has 2 million unique and over 5 million visitors every month, and is among the top 4 commerce sites in the country. The company has options on raising funds as well, but is considering its options as of now.“
As per reuters, the deal cost flipkart “somewhere in the range” of $20 million to $25 million. However there has been no official word regarding this.
The website offers products across several categories like – Mobile Phones, Digital Cameras, Computers, Electronics, Home Appliances, Gaming, Healthcare, Watches, Toys, Sports and Stationery.
Flipkart was started in 2007 and back then it was just an online bookstore. However the site now offers product in wide range of categories like consumer electronics, computers, healthcare and home appliances and almost everything.
The news was confirmed by Sachin Bansal via his facebook post which said:
“Yes, the rumors are true.”