LetsBuy raises $6M from Helion, Accel and Tiger Global
Letsbuy, a New Delhi based e-commerce company founded by Hitesh Dhingra and Amanpreet Bajaj in mid 2009 has raised an investment of $6M in series A round from Helion Venture Partners, Accel Partners and Tiger Global.
LetsBuy.com is an online retailer of consumer electronics, telecommunication products, laptops and computers peripherals, they deliver goods through out India. Earlier Hitesh Dhingra was the co-founder and Business Head of online advertising firm Quasar Media Pvt Ltd and Tyroo Media.
“LetsBuy.com in on the fast-growth path and the VC funding from the leaders in the space will only spur us on. The funds would be deployed in strengthening customer service, technology and supply chain processes,” said Dhingra, Founder & CEO, LetsBuy.com.
“India has witnessed tremendous growth in e-commerce and Letsbuy has been part of that growth. The team has the vision to have identified a very compelling opportunity and the execution skills to deliver to it,” said Ashish Gupta, Managing Director, Helion Venture Partners.
“The LetsBuy.com team has the vision and the business acumen to identify opportunities and make them stepping stones towards growth. In the process they present the best offerings to their customers and meet the goals chalked out by the partner investors. The strategy and plans match those valued by the Accel Partners team,” said Prashanth Prakash, Partner, Accel Partners.
If you compare the online traction of Infibeam, Futurebazaar and Letsbuy, letsbuy is catching up with Futurebazaar
Interestingly Letsbuy compete with Flipkart (also a portfolio company of tiger global and Accel Partners) in category like ‘Mobiles’.
I am impressed with wide range of payment options available for users at Letsbuy for order fulfillment, except for payment through mobile they have covered everything -
e-commerce space in India is very big enough to sustain and grow multiple payers. Online retailer with superior customer service, competitive pricing and quick delivery time will be successful.
-Hitesh, vcBytes.com
