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Flipkart, Amazon's Indian Rival, Lands $1 Billion Investment

Investment in the burgeoning Indian e-commerce industry continues to boom, with Flipkart, perhaps the country’s best-known online retail marketpalce, raising a new $1 billion in funding. The round includes investments from Tiger Global and Naspers and brings Flipkart’s total backing to nearly $2 billion. The funding gives Flipkart a deep war chest as it faces off against competitors Amazon, eBay and eBay-backed Snapdeal.

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