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.
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