Flipkart reportedly poised to acquire LetsBuy.com

According to recent industry reports, FlipKart is poised to acquire LetsBuy, a move that could corner the luxury e-commerce segment and mobilize forces in time for Amazon.com's arrival.

By Digit NewsDesk | Published 09 Feb 2012 12:44 IST
Flipkart reportedly poised to acquire LetsBuy.com
Flipkart reportedly poised to acquire LetsBuy.com

It seems Flipkart is set to acquire LetsBuy, if a recent report by MediaNama, claiming reliable sources, is to be believed. None of the concerned parties have confirmed the news, though the deal is expected to be announced within the next few days.

The report suggests that the acquisition of LetsBuy was valuated at roughly $20-30 million. Recent industry rumours indicate that Flipkart has been on the lookout for a deal of this kind, in an effort to break into the ‘luxury e-commerce space’.

With Flipkart.com reportedly poised to acquire its closest competitor and the second largest player in the online retail space, it seems likely the whole deal is a reaction to the much-anticipated launch of Amazon.com in India – the retail giant will definitely shake things up with its arrival, leveraging its massive scale of operations.

The LetsBuy acquisition should also help Flipkart consolidate brand loyalty in the space. The MediaNama report notes the two companies currently have common investors – Accel Partners and Tiger Global.

Source: MediaNama

 

Digit NewsDesk
Digit NewsDesk

Email Email Digit NewsDesk

Follow Us Facebook Logo Facebook Logo Facebook Logo

About Me: Digit News Desk writes news stories across a range of topics. Getting you news updates on the latest in the world of tech. Read More

Tags:
FlipKart.com Flipkart Amazon.com Amazon online retail Letsbuy Letsbuy.com acquisition merger buyout