According to MENA FN, Flipkart, India’s largest e-commerce company, raised a $1bn in funding and aims to raise as much as 1bn more over the next few months. Flipkart secured its latest funding on Friday at a valuation of about 10bn, from sources estimated to be Microsoft Corp, EBay Inc and Tencent Holdings Ltd.
The 10-year-old startup is competing against Amazon.com Inc and other rivals looking for a piece of the fast-growing India market. Flipkart’s spending on promotions and offering discounts in an effort that’s costing it millions of dollars a month. According to the article, Flipkart will have to persuade investors to inject still more capital if it’s to counter its deep-pocketed rivals.
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