At the same time, Fidelity has reported around 13% increase in its investment made in Amazon
Latest markdown comes at a time when the e-commerce major witnessed a turnaround in its fortunes
In a complete U-turn, NPCI asked Flipkart to allow payments from UPI handles of all banks
Over the years, Flipkart has significantly grown the ecommerce market in India
Bengaluru based TinyStep deals with social network for parenting
Flipkart's logistics arm Ekart, however, saw losses pile up to Rs 1,134 cr over the same period
Earlier, new CEO Kalyan Krishnamurthy as head of sales had signalled such a change
Exits are part of new CEO's clean-up plan; all 3 had joined Flipkart in 2015 at hefty pay packages
Kalyan Krishnamurthy joined Flipkart last June
Flipkart said the restructuring is aimed at improving operational efficiencies
Move is seen as Fixel's effort to cash his investment in Flipkart, first made in 2010
PhonePe, launched in August last year, has recently crossed the milestone of 10 mn downloads
Kalyan Krishnamurthy, nominee of the US-based investor, is new CEO
With competition from Amazon, its value erode, making it harder to raise funds at new valuation
Any reduction in losses could mean the return of investor confidence, something Flipkart needs badly
Some futuristic technologies it is exploring is in the use of drones for logistics in warehouses
Flipkart has seen far too many controversies this year than expected, OnePlus sale being latest
Flipkart copied Amazon's deep discounting model; Ola is another taxi hailing app like Uber and Didi, reports Tech in Asia
. The company had launched products under the brand name DigiFlip as far back as 2012. However, the brand didn't stick around for long as Flipkart saw slow sales until it finally discontinued it couple of years later.
They called the govt to allow foreign capital in India, but restrict foreign consumer internet companies from setting up shops