Published On : Mon, Apr 10th, 2017

Flipkart raises $1.4 bn from Microsoft, eBay, Tencent

New Delhi: In a biggest round of funding by an Indian Internet company till date, Flipkart on Monday raised $1.4 billion from blue chip companies Microsoft, eBay and Tencent.

With this round of funding, the Flipkart valuation has reached $11.6 billion and IT major Microsoft joins Flipkart 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 $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 $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.