mgdelhi 192 Report post Posted February 9, 2012 (edited) Flipkart to finalise LetsBuy.com buyout deal : IBN Live Mumbai: A report in MediaNama comes in as a confirmation to floating rumours, and it is true that popular online retail brand, Flipkart has bought LetsBuy.com for an undisclosed amount. Although the terms of the said deal haven't been disclosed, the report in an update stated that "LetsBuy’s valuation was between $20-25 million. Another suggests that it is upwards of $25-30 million, depending on the payout." However, some sources still deny to confirm any news, stating that, "LetsBuy is the second largest player in the country, and is the strongest competitior to Flipkart. From a comscore standpoint, it 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." However, reports also state that LetsBuy was looking around to raise money, and in October 2011, according to some reports, LetsBuy had almost managed to raise some $40 million from investors like, Sequoia Capital and Matrix Partners. http://ibnlive.in.co.../228592-11.html Flipkart To Buy Letsbuy.com : MediaNama 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 second largest player in the country, and is the strongest competitior to Flipkart. From a comscore standpoint, it 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.” Until recently, the rumor was that Flipkart was looking to buy a company in the luxury e-commerce space. The buzz among the investor community has been that LetsBuy has been looking to raise money for a few months now, and in October 2011, there was a report in VCCircle, stating that that it was close to raising around $40 million from multiple investors including Sequoia Capital and Matrix Partners. It has been a little over a year since Letsbuy raised $6 million from Helion Ventures, Accel Partners and Tiger Global. Note that Flipkart and Letsbuy have common investors in Tiger Global and Accel Partners. LetsBuy was launched in July 2009, and primarily focused on retailing consumer electronics, communications and computer goods, though it expanded its product portfolio to include toys, sports, healthcare, watches and stationary. The company was founded by Hitesh Dhingra and Amanpreet Bajaj. Flipkart is believed to have recently raised funds: a report in Mint suggested that the company had raised $150 million at a valuation of around $850 million. From what we hear, the LetsBuy acquisition might be a part-stock, part-cash deal. LetsBuy is believed to be doing around Rs 150 crore annually, while Sachin Bansal had told Mint that Flipkart is going to close this fiscal with revenues of Rs 500 crore. * To us, this acquisition would mark the beginning of a consolidation in the e-commerce space in India, which we’ve heard is struggling for consumer loyalty, but also perhaps give Flipkart a fillip in terms of scale, with two of the relatively larger players combining. To scale, e-commerce businesses would require substantive funds over the next couple of years, and not all companies may be able to raise that kind of funding. It’s going to be a last-man-standing game, and competition will increase particularly with the entry of Amazon.com in India. Size will matter. http://www.medianama...ipkart-letsbuy/ Edited February 9, 2012 by mgdelhi Share this post Link to post Share on other sites
KapilAgrawal 340 Report post Posted February 12, 2012 (edited) flipkart's major competitor was letsbuy.. But it seems that would be soon gone... No more 5%, 10% discount coupons... Only "Buy it Now" prices.. Edited February 12, 2012 by kapilthio Share this post Link to post Share on other sites
parin 857 Report post Posted February 12, 2012 promotional Budget khatam ho gaya.... Share this post Link to post Share on other sites
