Tuesday, Apr 23, 2024 | Last Update : 09:24 PM IST
Flipkart raises $1.4 bn from Microsoft, eBay, Tencent
Flipkart valuation has reached USD 11.6 billion and US IT major Microsoft joins Flipkart as a strategic investor.
New Delhi: In a biggest round of funding byan 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 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 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.
