Tencent, eBay and Microsoft invest US$1.4 billion in India’s Flipkart
Bangalore-based e-commerce site says the fund raising round values the company at US$11.6 billion
Tencent Holdings, operator of China’s largest online social and entertainment empire, has led a US$1.4 billion investment in an e-commerce firm in India together with Microsoft and eBay as they bet on the country becoming the world’s next major online shopping market, as domestic incomes there rise.
Flipkart Group, considered India’s leading e-commerce marketplace, confirmed on Monday it had raised the total from the three tech giants in a round that is deemed the “largest capital raised ever in the Indian internet sector”.
The latest cash injection pushes Flipkart’s post-transaction valuation to US$11.6 billion, said the Bangalore-based e-commerce company.
Launched in October 2007, Flipkart says it offers 80 million products across 80 categories and is becoming well-known for pioneering services in the country, such as cash on delivery.
Its existing investors include Tiger Global Management, Naspers Group, Accel Partners and DST Global.
“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 brings to Flipkart,” said its founders Sachin Bansal and Binny Bansal.
