The e-commerce company has just closed $1bn in a corporate-backed round but the downgrade on its valuation is likely a sign of the rough time that Indian e-commerce is going through.
India-based e-commerce company Flipkart raised $1bn in funding last week from several corporates, but at the cost of its valuation, signifying that investors may have to sacrifice returns to ensure their portfolio companies continue to grow.
The round included software producer Microsoft, online marketplace eBay and internet group Tencent, and followed a reported $38.8m investment by media firm Bennett, Coleman & Co in December 2016.
Flipkart operates a diversified online marketplace that lists more than 80 million items spanning…
