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$1 Billion Raised by Commerce Company

  • IBN Live, Thursday, July 31, 2014 12:15 PM

India's top e-commerce company Flipkart said on Tuesday it had raised $1 billion (Rs 6,000 crore) in funds as it battles US giant Amazon for supremacy in the hyper-competitive local market. Flipkart, set up in 2007 by two former Amazon employees, said Singapore sovereign wealth fund GIC was among those to participate in the fundraising, the latest cash injection into the e-commerce market.

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