Flipkart announces $1.4 bn investment from Tencent, eBay and Microsoft
Bengaluru – April 10, 2017. RedNewswire/-
Flipkart has raised $1.4 billion from Tencent, eBay and Microsoft. Flipkart will also buy eBay’s India business as part of the $1.4 billion deal. The latest funding round from the three technology companies have come at a post-transaction valuation of $11.6 billion. The three investors add to an existing group that includes Tiger Global Management, Naspers Group, Accel Partners and DST Global.
Sachin Bansal and Binny Bansal, Founders of Flipkart, said in a statement…
“We are delighted that Tencent, eBay and Microsoft all innovation powerhouses have chosen to partner with us on their India journey. We have chosen these partners based on their long histories of pioneering industries, and the unique expertise and insights each of them bring to Flipkart. This deal reaffirms our resolve to hasten the transformation of commerce in India through technology.”
“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 acknowledgement that the homegrown tech ecosystem is indeed thriving and succeeding in solving genuine problems in people’s daily lives across all of India,” they added.
eBay, which is also a minority investor in Snapdeal, will invest $500 million in Flipkart with the rest coming from Microsoft and Tencent, leading provider of internet value-added services in China and brings experience in linking social networking and e-commerce.
Devin Wenig, President and CEO of eBay Inc, said..
“The combination of eBay’s position as a leading global e-commerce company and Flipkart’s market stature will allow us to accelerate and maximize the opportunity for both companies in India.”
eBay.in will continue to operate as an independent entity as a part of Flipkart.