Flipkart acquiring LetsBuy is a rumor: Hitesh Dhingra

By Pranbihanga Borpuzari

Commenting on recent news of the first major consolidation in the e-commerce space LetsBuy.com today said reports of Flipkart.com acquiring the company are false and a “rumor”.

“I do not know where this report has come from. A few days back there was news of us raising 40 million dollars, which again is not true. We have been talking to various investors for the past couple of months but nothing has been firmed up yet. The Flipkart.com acquisition is only a rumor. This can really hurt the sentiments of our employees and the company itself,” says Hitesh Dhingra, CEO and Co-Founder, LetsBuy.com.

Launched in 2009 by Hitesh Dhingra and Amanpreet Bajaj, LetsBuy.com is an online retailer of consumer electronics, communications and computer goods from the leading brands in the categories and has a national footprint. It raised $6Mn venture capital funding from Helion Venture Partners, Accel Partners and Tiger Global in January last year.

LetsBuy.com was founded by Dhingra with Amanpreet Bajaj (COO and Co-Founder) in 2009. An online retailer of consumer electronics, communications and computer goods from the leading brands in the categories, the company enjoys a national footprint today. Manish Vij, Co-Founder, Vun Network, and Nitin Gupta (Former Country Manager, South Asia at MasterCard and Former President and COO at Rediff.com) have made angel investments in LetsBuy.com.

The portal raised $6 million in venture capital funding from Helion Venture Partners, Accel Partners and Tiger Global in January 2011.

Discounting the prospect of leaving the company and selling it, Dhingra maintains he is still talking to a number of investors for the company and is still looking to build ‘LetsBuy.com’. Flipkart has on the other hand been very aggressive since late last year as it snapped up the assets of Chakpak.com and at the same time is building an online music store, acquired book recommendation engine WeRead and digital music firm Mallers, Inc.

Tags:
acquisition, E-Commerce, Flipkart.com, Hitesh Dhingra, LetsBuy.com