Flipkart Raises $1.4 Billion From Microsoft, Tencent and eBay
Indias largest e-commerce firm Flipkart has raised USD 1.4 billion from Tencent Holdings, Microsoft Corp and eBay Inc amid speculation that the online marketplace is in talks to take over smaller rival Snapdeal.
The biggest-ever fund raising by an Indian Internet firm values Flipkart at USD 11.6 billion, the company said in a statement today. With over 100 million customers, Flipkart owns fashion retailers Myntra and Jabong, logistics firm Ekart and payments app PhonePe.
The valuation was a decline from Flipkarts USD 15 billion reported worth in 2015. Prior to the latest round of funding, it had raised more than USD 3 billion, mostly from international investors.
eBay will invest USD 500 million in Flipkart as the two firms will merge their operations in the country. As part of the de...