VC-backed Flipkart buys rival Indian e-commerce site
Indian online retailer Flipkart has purchased rival e-commerce platform Letsbuy.com for an estimated $25 million. Both companies are backed by Tiger Global Management and Accel Partners, but no details were disclosed on the structure or value of the transaction.
Letsbuy.com has been on the block for a whIle and was looking for a valuation of $80-85 million, The Times of India reported, but found no takers at that price. The company, which was founded in 2009 and...
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