It has been confirmed that Flipkart is buying out Letsbuy.com. Flipkart is the largest online retailer in India, and letsbuy.com has been a strong player in vertical – consumer electronics, gadgets retail, since its starting up in 2009.
It is reported that – “The acquisition is a combination of cash and equity and the founders of Letsbuy along with their 350+ team will continue to function independently, with the added advantage of now being able to access Flipkart’s superior technology platform and supply chain capabilities”
The two companies have common investors in Tiger Global and Accel Partners.
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