While Team Indus had backing from Nandan Nilekani, Ratan Tata and Flipkart founders Sachin and Binny Bansal, it could not even muster half of the Rs 4.5 billion it required for the mission to the moon.
The deal that promises to make Flipkart a leading force in fashion segment - estimated at Rs 3 lakh crore - came after hectic weekend parleys.
A 2014 study had ranked IITs as fourth among the top 50 universities globally, whose graduates were entrepreneurial.
The identity of the new investor could not be ascertained.
Alnoor Peermohamed & Raghu Krishnan find out why the new CEO is said to be the perfect man for turning around Flipkart's fortunes.
Sources said the fresh batch of profiles include students whose date of joining has been delayed by Flipkart.
IIM-Ahmedabad has written to Flipkart co-founder Binny Bansal on the issue, saying the students felt cheated for no fault of theirs for choosing the company over other brands and will suffer as they have to re-pay their education loans.
Flipkart has seen 33 per cent growth in past 6 months despite slowing e-commerce business and stiff competition from Amazon.
No longer an in-house task; hiring legal eagles is now becoming norm for M&As, fundraising
Internet entrepreneurs are the next big thing in India.
This is the sixth consecutive markdown in the valuation of Flipkart by the US firm.
Flipkart intends to use the funds for building and strengthening its technology capabilities, bolstering the robust supply chain and developing the talent pool.
As Indians scrambled to exchange the banned notes for new currency, Paytm, Sharma's digital payments startup, went on a promotional spree, inviting Indians to start using Paytm's digital wallet to pay for everyday goods and services.
'Big Billion Day' scheduled for October 6 is inspired by flat number where co-founders began their journey.
Nandan Nilekani, Gokul Rajaram at top two spots in value terms
Prominent print advertisements on Monday pitched Amazon's discount strategy against Flipkart's.
India is the next major breeding ground for start-ups.
IT major Wipro's Azim Premji donated Rs 22 crore a day or Rs 7,904 crore in a year to emerge as the most generous Indian in FY20 and top a list of philanthropy. Premji pipped HCL Technologies' Shiv Nadar, who had earlier topped the list collated by Hurun Report India and Edelgive Foundation, by a wide margin.
Duterte had consistently led the Time 100 Reader Poll, an online survey in which the publication had asked its readers to vote for who should be included in this year's Time 100 list of the world's most influential people.
Prime Minister Narendra Modi and industrialist Mukesh Ambani feature amongst the most searched personalities online this year, according to search engine Yahoo.
Some companies are already seeking review of the new norms.
While New Jersey, US-based OrbitBeyond leads a consortium of subcontractors who have designed and developed hardware for deep space missions, Bengaluru-based Team Indus is leading OrbitBeyond's lander engineering, reports T E Narasimhan.
At that time, co-founders Sachin Bansal and Binny Bansal had made a public announcement at a Bengaluru hotel, about a $1-billion fund raising, largest so far in the Indian e-commerce sector. A day later, Amazon issued a statement that it was investing $2 billion in India.
Might opt for salaried employment after failure of his latest venture
Becoming a unicorn is surely a marker for a company in its growth story, but it's not a major achievement nor is it a turning point of any significant worth.
Amazon has emerged a competition for posterboy of Indian e-commerce Flipkart.
The e-commerce firm said 1.5 million people shopped at its portal on October 6.
In spite of the mega IPO of Alibaba, Flipkart-Myntra is not thinking of a public offering at this point
Most of Flipkart's business came from consumer electronics.
Flipkart has started working on it big day sale around six months ago.
So what's up? Why are so many promoters heading for the door? It cannot be that all of them lost their appetite for a good fight at the same time.And if Naresh Goyal of Jet Airways and Subhash Chandra of Zee Entertainment do bow out, will it be seen as chickening out when the going got tough or the entrepreneurial instinct of surviving to fight another battle waned, wonders Shailesh Dobhal.
Top 100 billionaires see their wealth rise 10%; top 20 account for half of total wealth of top 100.
The company did not disclose its new holding pattern.
The community has taken offence to being wrongly stereotyped as watchmen in the ad which also plays on an exaggerated Hindi accent to seem funny
These start-ups are different from the ones that have made it big in India.
Sellers on platform listed products out-of-stock on Monday against increased commission, fees on returns.
The top posts on social media from your favourite Bollywood celebrities.
Who invested how much into Flipkart in its latest round of $1 billion funding? Vicky Nanjappa/Rediff.com finds out.
According to sources, employees from marketing, ad-tech, category, digital marketing, engineering team, catalogues, have all been asked to leave.
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