Flipkart has apparently closed a funding round worth $700 million (approx Rs 4,500 crore) led by Tiger Global and Steadview Capital at a valuation of $15 billion.

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News of Flipkart’s latest fundraising round comes at a time when Amazon is rumored to be readying a $5 billion war chest to grow its Indian operations.

Flipkart had raised $700 million at a valuation of around $11 billion back in December 2014, just six months after it raised $1 billion.

Co-founders Sachin Bansal and Binny Bansal’s holdings of about 8.5% each in Flipkart is now worth more than $1 billion if the valuation of $15 billion holds.

Flipkart has declined to comment on the latest funding round.India’s e-commerce market is estimated to be worth $20 billion but is expected to grow multiple times that value in the next 5 years.

Amazon, Flipkart and Snapdeal are locked in a battle for dominance of the e-commerce market which is drawing in massive investments, and even players such as Paytm which received funding from Alibaba are putting up a fight.

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