Flipkart the E-commerce giant in its latest funding operation, have gathered around $1 billion. The deal is closed between the US auction website eBay and Chinese internet firm Tencent to get an edge over other e-commerce rivals like on Amazon and Alibaba. Now with the latest funding operation, the Indian E-commerce giant values at $11 billion. however, there has been no official confirmation about the deal.
The Indian E-commerce venture, which is battling a huge battle in the e-commerce space with the global e-commerce giant Amazon.
Last year, the biggest investor in Flipkart Tiger Global Management assessed the top level management change at Flipkart by sending former eBay executive Kalyan Krishnamurthy to help the Indian start-up.
The Founders Sachin Bansal and Binny Bansal had a free hand always. but the e-commerce space is changing now and then. As the global firm Amazon has expanded its foot in the Indian market never than before and is continuing its expanding strategies. Last year, the e-commerce giant faced a tough competition from Snapdeal and Amazon.
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Flipkart looking to raise $1 billion in latest funding round