Flipkart buys LetsBuy

The Indian ecommerce giant has reportedly bought its close rival LetsBuy. The deal is not yet confirmed but it is believed that it would be   somewhere between $20-$30 million. It is also speculated that the deal was forced by Investors as the prime and major investor in – Tiger Global withdrew support for LetsBuy. A week ago, Amazon opened its first dedicated India service in the name of Junglee which is in beta right now but has given a lot of pressure to Flipkart. Last year Amazon attempted to purchase Flipkart but failed. A survey from Juxt concluded that 30% of India’s 65 million Internet users used online shopping services.

Source: The Next Web

Image: Flickr user smrtmazumdar

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