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Flipkart buys Letsbuy for $20-$25 mln: source
1 of 2. A researcher works on his terminal at a research centre in Bangalore June 24, 2009.
Credit: Reuters/Punit Paranjpe/Files
BANGALORE |
BANGALORE (Reuters) - Flipkart, India's biggest online retailer of books and electronics gadgets, has acquired smaller rival Letsbuy, seeking to consolidate its position ahead of Amazon.com Inc's planned entry into the Indian market.
Flipkart did not disclose the value of the deal, but a person with direct knowledge of the matter said it was "somewhere in the range" of $20 million to $25 million.
The acquisition involves a combination of cash and equity, Flipkart said. Letsbuy, which has 350 employees, will continue to operate independently under current management, it said.
Letsbuy is India's second largest retailer in electronics, Flipkart said.
Flipkart, which is in funding talks with private investors, is seeking to shore up its position in the world's second most-populous country as Amazon.com, the world's largest online retailer, prepares to open its first distribution centre in India.
(Reporting By Harichandan Arakali; Editing by Subhadip Sircar and Ted Kerr)
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