News

Flipkart Acquires Letsbuy.com

The battle lines are drawn in the Indian e-commerce space. The advent of Amazon in India has spelt doom for Indian internet companies. The re-grouping has started – with flipkart.com buying another major letsbuy.com.

As both companies are not publicly traded, the amount involved was not disclosed to the media.

With the acquisition, Flipkart takes over the products, inventory, cash and equity. Nope, it does not stop at that. The founders of Letsbuy.com and a huge team of over 350 people pass over to the new management.

Amazon’s junglee.com is believed to have sent more feelers across the industry, and there are news coming out from various quarters that the US giant might be looking at some acquisitions themselves. Where does this leave Crossword in this melee?

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