Ecommerce Startup, LetsBuy Raises $6M funding

[Gaurish]

Looks like Indian Ecommerce scene is heating uphyeah:

Ecommerce portal LetsBuy.com has received $6 million in venture capital funding from Helion Venture Partners, Accel Partners and Tiger Global. This is its first round of institutional funding - it received an undisclosed sum from angel investors in May 2010.
Interestingly, Accel Partners and Tiger Global have invested in another ecommerce portal - Bangalore-based Flipkart.com. Accel Partners India invested an undisclosed amount in Flipkart in October 2009 while Tiger Global invested $10 million in June 2010 in the portal. Rival Infibeam is seeking venture capital funding to fuel its platform business.

LetsBuy.com Raises $6M From Helion, Accel & Tiger Global - VCCircle -

 

[PhotostarSR]

How much is $1million in INR??

 

[dennis_nail]

Rs. 10 Lakh * Dollar rate

 

[siril_k]

Ironically letsbuy.com is not opening since morning today & item i ordered on 28 Dec '10 r yet to reach to me..

 

[Pat]

yea, just learnt about the new deal today on letsbuy via snapdeal(Pay Rs. 50 and get two vouchers worth 250 each!) Their website seems to be down!

 

[dennis_nail]

Yeah, looks like it has started on wrong foot.

They hardly had any items in stock for their flat 10% off offer.

 

[Gaurish]

Hope they can get their act together with help of refresh funding

How much is $1million in INR??

$1M USD = Rs35.41 million Indian rupees = Rs3.54Crore (at current quoted rate)

 

[blr_p]

Rs. 10 Lakh * Dollar rate

And what good does that do :|

Slightly under 4 crores is a million USD.

 

[letmein]

Hope they can get their act together with help of refresh funding
$1M USD = Rs35.41 million Indian rupees = Rs3.54Crore (at current quoted rate)

What exchange rate are you using? 1 USD = ~ 45.5 INR. So $1 mil is about 4.5 crores

 

[mav2000]

Are u guys crazy????less than four crores...?????

Go back to school man.

 

[PhotostarSR]

So they roughly got 30 crores? OMG! Never knew a small site like that will need 30 crore to run!!

 

[Gaurish]

What exchange rate are you using? 1 USD = ~ 45.5 INR. So $1 mil is about 4.5 crores

I calculated using rate of Singapore dollars exchange rate which I wrongly copied in place of USD exchange rate, my bad.

Correct calculation would be:

$1M USD = Rs45.45 million (Indian rupees) = Rs4.55Crore (at current quoted rate)

 

[siril_k]

well the funding has an immediate working effect, they have shipped my item finally & i have got tracking number too (in most cases ppl get item first & tracking number after delivery)

 

[HailStonE]

They are not as bad... They are slow though... Bought few things from their limited catalog & had few issues which are now resolved by their CC..

Hope they improve their supply end & listings which is quite limited...

 

[Pat]

I had a pleasant experience with them recently. I got the product the next day after ordering it. Considering it came from Delhi to Mumbai, it's a commendable job!

 

[Neo-N]

I had a pleasant experience with them recently. I got the product the next day after ordering it. Considering it came from Delhi to Mumbai, it's a commendable job!

I placed an order on 31st January, 2011 Morning and I am yet to hear anything from them. BTW, payment has been confirmed.

 

[Gaurish]

I placed an order on 31st January, 2011 Morning and I am yet to hear anything from them. BTW, payment has been confirmed.

Same thing here but I did call them. they said it would be shipped today or tomm

 

[Neo-N]

Same thing here but I did call them. they said it would be shipped today or tomm

I had emailed them today morning and they have just replied saying that my order has already been forwarded to the payment gateway for the verification and will be processed once the payment is verified.

:S

 

[RS4]

I placed an order on 31st January, 2011 Morning and I am yet to hear anything from them. BTW, payment has been confirmed.

They are quite slow in shipping the orders, refer this thread for other TE members experience with letsbuy:

http://www.techenclave.com/hot-deals-and-discussions/creative-ep-50-29-rupees-shipped-181225.html

 

[HailStonE]

They are quite slow in shipping the orders, refer this thread for other TE members experience with letsbuy:

http://www.techenclave.com/hot-deals-and-discussions/creative-ep-50-29-rupees-shipped-181225.html

They are slow but they do deliver.. If its a running product like a USB drive then its shipped within two days & you get the delivery on third day itself even before they give you shipping details... Happened to me twice..

Also they have prompt refund as well which I got against an order 'coz it was not in stock. I just hope they now get more efficient with that VC fund & improve their inventory...