Flipkart Online Services Pvt manages to secure $1billion in funding in a bid to stay ahead of the competition.

According to the sources, people gave the information but the names are to be kept private. The information is that "Flipkart secured its latest funding on Friday at a valuation of about $10 billion," Some of the major backers involved were Microsoft Corp., EBay Inc. and Tencent Holdings Ltd.

The company said it doesn’t comment on “market speculations” as a matter of policy. It is planning to go for another round in the upcoming months in a bid to acquire $1 billion more. 

Although impressive, this funding was on a lower valuation than it had before.

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