By  on May 22, 2014

NEW DELHI — and Alibaba may be dominating global financial headlines, but the e-commerce action also is heating up in the world’s second-most-populous country.

On Thursday, Flipkart, India’s largest online retailer, acquired fashion and apparel e-tailer Myntra for an undisclosed amount. Myntra in the past has been valued at more than $370 million, while Flipkart has been valued at more than $1 billion.

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