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Best of luck to both founders, and this is great news for the Indian startup industry, but I am confused by this statement:

“We are not thinking about [an IPO]. We have not settled on a business model that we can take public,”

Shouldn't the business model be validated by your Series A or max B? Flipkart has taken multiple rounds in the past, and this one looks as large as a Series C.

Edit: Firms involved also sound like series C firms - Tiger Global, DST etc.

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I think their base model is validated, it just may need more. According to the TC article [1], "In a statement, Flipkart said the 'funds will be used to make long-term strategic investments in India, especially in mobile technology.'" So they are predicting some of these acquisitions to help grow that model before going public.

[1] http://techcrunch.com/2014/07/29/indian-e-commerce-giant-fli...

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