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.