WeRead started as a Facebook app (launched by uGenie*/was started as a part time project) and later converted to a full fledged online network, enabling users to discover/recommend books using existing socionets like Facebook, Orkut etc.
#flipkart has announced that they have acquired WeRead from Lulu. Earlier, Lulu (which acquired uGenie) had certain plans for WeRead, but nothing substantial has come out of it (the plan was to use WeRead as a marketing channel for self-publishing authors of Lulu).
To give you certain context, uGenie founders have already quit Lulu/WeRead around 2-3 months back and Lulu’s Bangalore office was shut down in August 2010.
As far as Flipkart’s interest is concerned, this is a contextual service – i.e. discovery of books via online networks (WeRead boasts of 3 million readers and 60 million books added by the users); plus all the ‘Buy’ links (from WeRead) will now point back to Flipkart (points to Amazon otherwise).
* – The Facebook app was built by Mekin (and other colleagues). Mekin now works for Flipkart.
Recommended Read: 2010: The “Dabangg’ Year for Indian Internet Startups