Flipkart Goes Shopping, Raises 1.4 Billion in Funding!
Written by: MangoNews - April 11, 2017
The Bansal brothers bagged the biggest ever round of funding in the history of Indian internet startups for Flipkart by raising 1.4 Billion USD from tech giants Microsoft, eBay and Tencent.
The company is aiming to outrun its competition in the field of online e-commerce from Amazon by changing its strategies and the three companies are helping it to do so. Flipkart is now the most valued in the Country with its valuation standing at 11.6 Billion USD.
“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 the company’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.
— Sachin Bansal (@_sachinbansal) April 10, 2017
Microsoft that is currently under the leadership of Satya Nadella, will also be joining as a strategic advisor to the company. eBay will be selling its eBay.in, the Indian arm of the company, to the e-commerce website along with the deal. Tencent on the other hand is a Chinese marketing giant that has WeChat, Practo and other organizations under its umbrella. This is surely a turning point not for just Flipkart but also for Indian e-commerce as well.
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