Consumer

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.

Naspers and Jabbar Internet have exited Middle Eastern e-commerce company Souq, which raised money at a $1bn valuation just over a year ago.

Walmart will open a Silicon Valley incubator to back startups working on technologies that will impact the retail sector, including virtual reality and drone delivery.

Alibaba, which already owned 32% of the online ticketing platform, has bought the remainder, giving an exit to Legend Capital in the process.

New investor A+E Networks plans to seek out synergies with the fashion media, e-commerce and events company, which is also backed by AOL, Hearst and CAA.

The fashion rental platform has received $20m in a series B round led by Pan-Lin Asset Management that included existing investor IDG Capital.

Microsoft, eBay and Tencent all contributed to a down round for the e-commerce company that could precede another $1bn in funding.

The round was co-led by Evolution Media China, a unit of corporate-backed Evolution Media Partners that focuses on investments across Asia.

SoftBank has exited online lingerie retailer True&Co through an acquisition by apparel group PVH, five years after it invested as part of a $2m round.