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 having raised money at a valuation that was surpassed somewhere towards the end of 2014.