India’s largest e-commerce company Flipkart announced it has raised $1.4 billion in funds by Tencent, eBay, and Microsoft.
The post-transaction valuation of the Bengaluru-based company will be at $11.6 billion.
Flipkart stated in a press release “We are delighted that Tencent, eBay, and Microsoft — all innovation powerhouses — have chosen to partner with us on their India journey,”
As part of this deal, eBay sells its Indian business to the country’s E-commerce giant. However, eBay will continue to work as an independent firm.
Flipkart co-founders Sachin Bansal and Binny Bansal said in an official press release “This is a landmark deal for Flipkart and for India as it endorses our tech prowess, our innovative mindset and the potential we have to disrupt traditional markets.
It is a resounding acknowledgment that the homegrown tech ecosystem is indeed thriving and succeeding in solving genuine problems in people’s daily lives across all of India.”