Top Indian online retailer, Flipkart has announced that it has acquired LetsBuy, for an undisclosed sum. LetsBuy was the second top online retailer in India. This deal will give Flipkart a much deeper catalog of products.
Flipkart’s CEO and co-founder, Sachin Bansal, said,“This acquisition fits into our strategy of building dominant shares in all categories where we operate. We are already leaders in the books and media verticals. Given that we managed to build a leadership position in consumer electronics as well since its launch in early 2011, it made sense for us to consolidate when we saw this opportunity. This acquisition opportunity came at a very attractive price and the timing had also been ideal. The synergies will now allow us to accelerate faster and get to a share similar to what we enjoy in the online books category.”
Indian online e-commerce market is growing and Flipkart has taken over the most of the part in it. This deal will help Flipkart to capture more market. This step can also be seen as the effect of the launch of Junglee.com in India.
