Raise and burn

Flipkart: Dance of the dragons

A high-stakes game of capital featuring Flipkart, Tiger Global and SoftBank. And Snapdeal

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Imagine having run with everything you’ve got in a race for seven years. Crossing every chasm, surviving every fall, beating off every challenge. Only for someone to come in front of you and say, “Stop! You took a wrong turn around two and a half years ago. Go back and start from there again.”

That’s what Flipkart’s recent “down round” was like, in some sense. Amidst the joy of having gotten another $1 billion from powerful and strategic investors like Tencent and Microsoft (both of them are said to have invested $500 million each), was the bittersweet feeling of…

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