E-commerce in India stiff competition with Indian startups. A large proportion of traffic towards e-commerce sites is driven by coupon sites. Examples of venture capital firms having invested in e-commerce companies in India are as follows: Flipkart.com raised about USD 2.3 billion. On 10 July 2013, Flipkart announced it had received $200 million from existing investors Tiger Global, Naspers, Accel Partners, and ICONIQ Capital, and an additional $160 million from Dragoneer Investment Group, Morgan Stanley Wealth Management, Sofina, Vulcan Inc. and more from Tiger Global. In February 2014, online fashion retailer Myntra.com raised $50 million from a group of investors led by Premji
Flipkart led to public outcry and widespread criticism among consumers, competitors and partners, heavily damaging its reputation. Many users could not place orders because of high server load and errors which led to frustration among customers. Many users who placed orders received emails stating that their orders were cancelled. Most of the products were sold for less than their cost, and Flipkart was accused of anti-competitive behaviour. Major competitors filed complaints against Flipkart with the Commerce Ministry, claiming that selling products lower than cost is against the commerce policy of the country. The Ministry said that they would formulate new trade