India's top e-commerce company Flipkart is holding talks with investors to raise up to $1 billion in one of its biggest funding rounds so far.
According to the sources, it hoped the valuation would be in the "double digits", referring to a valuation of $10 billion or more but it declined to name the potential investors and the exact valuation Flipkart was looking for.
Flipkart's latest fundraising comes amid intensifying competition in the e-commerce space from the likes of U.S. internet giant Amazon.com Inc and domestic rival Snapdeal, which is backed by Japan's Softbank Group.
The ensuing heavy losses have hit valuations among India's e-commerce players. Some funds that have invested in Flipkart have recently slashed the value of their holdings, media reports have said, citing securities filings.
Launched by two former Amazon employees in 2007, Flipkart's biggest investor is U.S. hedge fund Tiger Global. Others include Accel Partners, DST Global, and Baillie Gifford.
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