Flipkart acquires Letsbuy

Flipkart, the e-retailer which has been the talk of the town for its fund raisings has acquired consumer electronic portal, Letsbuy.com. Though the acquisition details remain unknown, reports suggest that the deal is likely to be sealed at Rs 100-125 crore. According to a statement, the acquisition will be a combination of cash and equity and the Letsbuy team will work independently.