Flipkart replies by acquiring Letsbuy and prepares to take on Amazon

India’s major online retailer, Flipkart has acquired smaller rival Letsbuy, signaling intense competition with global player Amazon in future. The Flipkart move can be read as a reply to Amazon’s last week acquisition of the Indian shopping site junglee.com. Amazon is awaiting the opportunity to enter into the Indian market, and has started their informal operation center at Mumbai recently. At present, Amazon is blocked by the government’s FDI restriction in multi-brand retail trade.      The e-commerce industry in the country at present is the fastest growing business sector. It has registered volume business and has shown signals of entering int