Flipkart raises US $1.4 billion from Microsoft, eBay, Tencent in biggest round of funding
The Flipkart Group owns several well-known Indian brands such as Myntra, Jabong, PhonePe and Ekart.
In the biggest round of funding by an Indian Internet company till date, e-commerce company Flipkart on Monday raised US $1.4 billion from blue-chip technology companies Microsoft, eBay and Tencent.
With this round of funding, Flipkart valuation has reached US $11.6 billion and US IT major Microsoft joins the marketplace as a strategic investor.Flipkart's existing investors include Tiger Global Management, Naspers Group, Accel Partners and DST Global.
"Flipkart Group has raised a total of US $1.4 billion from Tencent, eBay and Microsoft - three of the world's premier technology companies," Flipkart said in a statement."The latest funding round, at a post-transaction valuation of USD 11.6 billion, is the largest in Flipkart's 10-year history as well as in the Indian Internet sector and comes as Flipkart gears up to drive the next phase of e-commerce growth in India," the online marketplace said.
China-based Tencent owns social messaging app WeChat and has investments across various online companies like Practo, Ibibo etc.Flipkart founders Sachin Bansal and Binny Bansal said it's a landmark deal for the company and for India as it endorses the firm's tech prowess, innovative mindset and the potential to disrupt traditional markets.