Acquisition Spree
Kalyan Krishnamurthy- led Flipkart recently acquired Vidmay Naini led-eBay India. The move is seen as a desperate attempt by the former to counter global e-commerce giant Amazon's onslaught to capture the Indian market. Flipkart has also raised $1.4 billion in funding from Tencent Holdings Ltd, eBay Inc. and Microsoft Corp, and bought eBay's India business as part of this deal. The company was valued at $11.6 billion in its recent funding round, lower than its peak valuation of $15 billion in 2015, but much higher than its valuation last year. The company is reportedly in talks to acquire SoftBank-backed Snapdeal.