Flipkart Shuts down Letsbuy.com after acquiring it for an estimated US$ 25 million
Earlier this year Flipkart acquired Letsbuy.com, India’s second largest e-retailer in electronics, for an estimated US$ 25 million. And now Flipkart has completely shut down the service of Letsbuy. All links on Letsbuy.com has been updated to redirect to Flipkart.com.
The homepage of Letsbuy.com displays a message to the visitors, announcing the integration of all its operations with Flipkart and thanking the visitors’ for their valuable patronage.
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Message to Visitors on Letsbuy.com
Thank you for your valuable patronage to letsbuy.com. In order to further improve your shopping experience, we have integrated our operations with the largest player in the category – FLIPKART.COM. We are redirecting all our visitors to Flipkart.com where you can avail the same exciting offers on the entire range of products.
For our existing customers, your order history and status remains secure with us. You can get all details about your existing orders by dialing : 0124 4901234 (from 8 AM to 9 PM )
We once again thank you for your continued patronage and look forward to providing even better shopping experience, now through Flipkart.
The Letsbuy team
A screenshot of Letsbuy.com Homepage
What the CEO’s say about the Integration
Flipkart’s view on the acquisition
Speaking about the acquisition, Flipkart’s co-founder and CEO Sachin Bansal said, “This acquisition fits into our strategy of building dominant shares in all categories we operate in. 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 for us and the timing has 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”.
Letsbuy’s view on the acquisition
Letsbuy.com founder & CEO Hitesh Dhingra said “Letsbuy.com has experienced a phenomenal growth in the last one year and holds a dominant position in e-commerce industry in India. We believe that our expertise in 3Cs* category matched with Flipkart’s superior technology and supply chain could be a killer combination. The Company had a choice to raise a large round of funding as well, however aligning our business with the largest player in the market made sense as the resultant synergies will guarantee our customers the best possible service, price and selection. ”
* 3C’s – Computers, Communication and Consumer electronics