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Flipkart, an Indian e-commerce giant, confirmed that it has raised $1.4 billion in new venture capital funding at an $11.6 billion post-money valuation. New investors include eBay, Microsoft and Tencent.

  • Deep discounts: Flipkart was valued at around $15 billion in mid-2015, while Snapdeal once was valued at around $6.5 billion.
  • Bottom line, via the FT: "While the Indian e-commerce market is forecast to grow sharply, Snapdeal, Flipkart and Amazon India have recorded losses as they invest heavily on marketing and logistics in an effort to gain scale. In the year to March 2016, the latest period for which regulatory filings are available, Flipkart, Snapdeal and Amazon India made an aggregate net loss of $1.4 billion."

Why it matters: This news comes amidst what could be major consolidation in the Indian e-commerce sector, with multiple reports saying that Flipkart is in talks to purchase smaller rival Snapdeal from shareholders like SoftBank for around $1 billion. It appears that SoftBank is driving that M&A train, despite holding just a 35% stake in Snapdeal, per a weekend memo from Snapdeal management to employees.

Go deeper

Updated 1 min ago - World

Reports: Up to 17 U.S. missionaries kidnapped in Haiti

Haitian soldiers guard the public prosecutor's office in Port-au-Prince earlier this month. Photo: Richard Pierrin/AFP via Getty Images

Children were among up to 17 American Christian missionaries and their relatives kidnapped by a gang in Haiti on Saturday, the New York Times first reported.

Details: The missionaries had just left an orphanage and were traveling by bus to the airport when the gang abducted them in Port-au-Prince, Haitian security officials said, per the NYT.

Venezuela suspends talks with opposition after Maduro ally extradited to U.S.

Venezuelan President Nicolás Maduro in Caracas, Venezuela, in June. Photo: Gaby Oraa/Bloomberg via Getty Images

A key ally of Venezuela's President Nicolás Maduro was extradited from Cape Verde to the U.S. Saturday to face money laundering charges in Florida, Bloomberg first reported.

Why it matters: Venezuela's government called off negotiations with opposition officials that were scheduled for Sunday in Mexico in response to the extradition of Alex Saab, a Colombian businessman and financial fixer for Maduro. Security forces placed six U.S. oil executives under house arrest later Saturday, per AP.

Kenosha shooting lawsuit accuses police of coordinating with militia

Police and protesters confront in front of the Kenosha County Courthouse on Aug. 25, 2020. Photo: Tayfun Coskun/Anadolu Agency via Getty Images

The only survivor of a fatal shooting in Kenosha, Wisconsin, during protests last year has accused law enforcement in a lawsuit of conspiring with a "band of white nationalist vigilantes," the Washington Post reported Saturday.

Of note: Kyle Rittenhouse, 18, is due to stand trial on Nov. 1, accused of wounding Gaige Grosskreutz, who filed the suit, and killing two other people protesting the police shooting of Jacob Blake on Aug. 25, 2020. He's pleaded not guilty to charges including homicide and attempted homicide and maintains he fired in self-defense.