In a new round of funding, Flipkart, one of India's biggest ecommerce marketplace has received $1 billion at a lower valuation of $11 billion, which has come from Chinese internet giant Tencent and Microsoft. The new funding round is expected to provide ammunition to Flipkart to compete with Amazon India, which is growing at a fast pace in India.
According to media reports, in the previous round of funding, Flipkart had been valued at $15 billion and this new funding comes close on the heels of former Tiger Global executive Kalyan Krishnamurthy taking over as CEO of the company. (AR)
Fibre2Fashion News Desk – India
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