Major shareholder Kinnevik, a Swedish investment firm, devalued Quikr by 45%, referring to the exaggerated revenue resulting from fraudulent transactions that rocked the company. Quikr is now valued at about $577 million.
The company has said the funds raised will be used to invest in product development and expansion of its fast-growing mobile business.
No financial details were disclosed.
It took Flipkart a little over 24 hours to complete due diligence and come up with a final offer that was $20 million higher than what Snapdeal was ready to forfeit.
The agreement means consumers will enjoy more choices and varied price points.
With aggressive brand-building initiatives, the companies' advertising budgets ahead of Diwali is understood to have seen a 15% spike
In its first acquisition in India, the American online retail giant is planning to buy out the fashion portal
Vikramank Singh looks back at the year gone by!
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