In early 2013, Flipkart was in trouble. It had become the early leader in a nascent e-commerce market, received some $200 million in venture capital and fetched a valuation of around $1 billion. But it was besieged by problems: its losses had soared beyond control; sales growth was lower than its co-founders Sachin Bansal and Binny Bansal had promised investors; it was in the middle of a gruelling investigation by the Indian government related to foreign direct investment (FDI) laws; and the entry of Amazon.com Inc., the giant American online retailer, into India was imminent.
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