Dive Brief:

• India's largest e-commerce site, Flipkart, announced Tuesday that it has raised $1 billion in a new round of fundraising. 
• The company's marketplace sells more than 70 categories of merchandise, and Flipkart says the site receives over four million visits daily. 
• In a previous round of funding, Flipkart raised $210 million from investors. 

Dive Insight:

This large sum, second in the world after Uber's recent $1.2 billion funding, is testament to the rapid growth of India's online retail industry. With the rise of Flipkart, and the highly anticipated IPO of Alibaba this fall, Amazon and eBay may soon encounter global pressure in the American online marketplace.