Seth was heading strategy and corporate functions along with Flipkart's logistics unit Ekart.

Flipkart, which is frequently referred to as 'The Amazon of India' has become a hallmark of growth in Asia, the report said.

This is Softbanks largest investment in a single company in India. While both the companies have declined to comment on the valuation, market watchers say that the deal values Paytm at about USD 8 billion.

After ploughing about $2 billion into minority stakes in Indian e-commerce businesses over the past few years, Japan's SoftBank is upping the stakes, looking to play consolidator and take a more active role at a trio of leading start-ups.

Neither Snapdeal nor eBay has anything to offer that Flipkart doesn't have. The deals are driven by investors who are putting together two weak entities in the hope that they will be stronger as a whole.

Japanese investor SoftBank has pumped in about Rs 1,675 crore in fresh funding in Indian transportation startup Ola to give it more muscle to take American rival Uber head-on.

Sheer desperation of a likely loser, and the anxiety of enormous cash burn, have driven Flipkart into two incredibly bad M&A deals: Monday's announcement of acquisition of eBay India as part of a $1.4 billion funding round from Tencent Holdings, Microsoft and eBay; and, the ongoing discussion with Snapdeal for a probable acquisition/merger.

The three investors add to an existing group that includes Tiger Global Management, Naspers Group, Accel Partners and DST Global. The funding, at a post-transaction valuation of $11.6 billion, is the largest in Flipkart's ten-year history as well as in the Indian internet sector.

Like most e-commerce players in India, Snapdeal is burning cash to sustain discounts - and keep customers - in a cut-throat online market.

Flipkart's largest investor New York-based Tiger Global may sell shares worth $1 billion along with an infusion of fresh equity by SoftBank according to the broad contours of the deal.

Since its launch in 2004, US firm ebay has been underperforming in India and has been unable to take on its competition.

Flipkart now values at $11 billion. The Indian e-commerce company, which is fighting a pitched battle with Amazon saw its sky-high valuations being marked down several times last year.

Besides Paytm, the group also has investments in Indian ecommerce firm Snapdeal.

The Indian e-commerce company, which is fighting a pitched battle with Amazon saw its sky-high valuations being marked down several times last year.

With Binny Bansal stepped up as a group CEO, former Tiger Global executive Kalyan Krishnamurthy would be responsible for Flipkart P&L.

In February 2010, Kunal Bahl along with Rohit Bansal, started Snapdeal.com with the widest assortment of 30 million plus products across 800 plus diverse categories from over 125,000 regional, national, and international brands and retailers.

While there may be long and winding queues for people who want to get hold of the new currency notes, iPhone covers which look like Rs 2,000 note are ready for shipping on ebay.

Consumers are willing to splurge once again on a range of products. This is just what the doctor ordered for the Indian economy.

Online furniture marketplace Pepperfry has raised Rs 210 crore in a fresh round of funding from current investors Goldman Sachs, Bertelsmann India Investments (BII), Norwest Venture Partners (NVP) and Zodius Technology Fund.