In order to fight back against the increasing competition, e-commerce company Flipkart has completed a fund raising of about USD 1 billion (Rs 6537 crore) and the company is aiming to raise USD 1 billion more in the coming months, the people familiar with the matter said.

On March 17, the e-commerce firm secured this funding at a valuation of about USD 10 billion, according to the media reports. The 10-year-old startup saw about USD 5. 5 billion decline in its valuation as recorded in 2015. Flipkart witnessed USD 15.5 billion valuation in 2015.

The firm, however, refused to comment on “market speculations” as a matter their policy. Flipkart is facing a major challenge from firms like Amazon.com Inc. and others in a fast-growing India e-commerce market.

According to the media reports, the company’s latest fundraising shows investors believe Flipkart has a positive chance of defeating their competitors.

“That Flipkart will get funded was never in doubt. The valuation of $10 billion is nothing to worry about, the funding environment is rather slow globally,” said Satish Meena, Delhi-based senior forecast analyst at Forrester Research.

“The new funds put Flipkart in a strong position and this year’s going to be a direct face-off between Amazon and Flipkart,” Delhi-based senior forecast analyst at Forrester Research said.