<p>Flipkart Group, India’s leading ecommerce marketplace, on Monday formally closed its largest funding round in Indian Internet history by raising $1.4 billion from Tencent Holdings, eBay and Microsoft.<br /><br />Besides buying the entire stake in eBay India business in an all cash deal, Flipkart will be using the largest fund in its 10-year history to boost its fight against arch-rival Amazon. Till date, Flipkart has raised $4.65 billion in 11 rounds.<br /><br />In a statement issued to DH, Flipkart founders Sachin Bansal and Binny Bansal said it is a landmark deal for Flipkart and for India as it endorses the company’s tech prowess, innovative mindset and the potential to disrupt traditional markets.<br /><br />“Fantastic fusion of synergies!Tencent @eBay @Microsoft & @Flipkart! Giant leap for Indian ecommerce,” Sachin tweeted.<br /><br />The 11th round of funding, at a post-transaction valuation of $11.6 billion, is lower than its peak valuation of $15 billion, when it raised $550 million in 2015 from some of its earlier investors.<br /><br />Flipkart’s investors include GIC, DST Global, Tiger Global Management, Naspers, Accel Partners, Morgan Stanley Investment Management, Baillie Gifford and Steadview Capital.<br /><br />Flipkart’s new funding also finds Chinese Internet company Tencent as a strategic investor, bringing its experience in linking social networking and e-commerce. Tencent President Martin Lau said, “We look forward to helping Flipkart to deliver compelling experiences to users throughout India, and to contribute to the development of the internet ecosystem.”<br /><br />Launched in October 2007, Flipkart Group includes group companies Flipkart, Myntra, Jabong and PhonePe. According to analysts, the company offers over 80 million products across 80+ categories with peak Rs 50 billion ($735 million) GMV for month of October.</p>
<p>Flipkart Group, India’s leading ecommerce marketplace, on Monday formally closed its largest funding round in Indian Internet history by raising $1.4 billion from Tencent Holdings, eBay and Microsoft.<br /><br />Besides buying the entire stake in eBay India business in an all cash deal, Flipkart will be using the largest fund in its 10-year history to boost its fight against arch-rival Amazon. Till date, Flipkart has raised $4.65 billion in 11 rounds.<br /><br />In a statement issued to DH, Flipkart founders Sachin Bansal and Binny Bansal said it is a landmark deal for Flipkart and for India as it endorses the company’s tech prowess, innovative mindset and the potential to disrupt traditional markets.<br /><br />“Fantastic fusion of synergies!Tencent @eBay @Microsoft & @Flipkart! Giant leap for Indian ecommerce,” Sachin tweeted.<br /><br />The 11th round of funding, at a post-transaction valuation of $11.6 billion, is lower than its peak valuation of $15 billion, when it raised $550 million in 2015 from some of its earlier investors.<br /><br />Flipkart’s investors include GIC, DST Global, Tiger Global Management, Naspers, Accel Partners, Morgan Stanley Investment Management, Baillie Gifford and Steadview Capital.<br /><br />Flipkart’s new funding also finds Chinese Internet company Tencent as a strategic investor, bringing its experience in linking social networking and e-commerce. Tencent President Martin Lau said, “We look forward to helping Flipkart to deliver compelling experiences to users throughout India, and to contribute to the development of the internet ecosystem.”<br /><br />Launched in October 2007, Flipkart Group includes group companies Flipkart, Myntra, Jabong and PhonePe. According to analysts, the company offers over 80 million products across 80+ categories with peak Rs 50 billion ($735 million) GMV for month of October.</p>
