Flipkart raises USD 1.4 bn from Microsoft, eBay, Tencent

Flipkart raises USD 1.4 bn from Microsoft, eBay, Tencent

In the biggest round of funding by an Indian Internet company till date, e-commerce company Flipkart today raised USD 1.4 billion from blue-chip technology companies Microsoft, eBay and Tencent.

With this round of funding, Flipkart valuation has reached USD 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 USD 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.

The Flipkart Group owns several well-known Indian brands such as Myntra, Jabong, PhonePe and Ekart. 

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