Funding
Flipkart Raises $1.4 Billion From Industry Giants For A Valuation Of $11.6 Billion
India’s largest e-commerce company Flipkart, confirmed that it has raised $1.4 billion in a new funding at a post money valuation of $11.6 billion. Flipkart have raised the monies from eBay, Microsoft and China’s internet giant Tencent, giving a tough fight to Alibaba and Amazon.
By this huge investment, Flipkart takes control of eBay India, which marks as a second tier e-commerce sector in India. As a part of the transaction, eBay Inc., has put $500 million and sold its India’s business.
Fantastic fusion of synergies!Tencent @eBay @Microsoft & @Flipkart! Giant leap for Indian ecommerce https://t.co/tNjd6phftC #FlipkartBigWin
— Sachin Bansal (@_sachinbansal) 10 April 2017
This will be a two way gain for both the companies. eBay sellers get a chance to reach many of their consumers and Flipkart the opportunity to expand their sales overseas.
Till date, Flipkart has raised $4.65 billion from investors. Its most previous round was $700 million in July 2015 from existing investors, which valued the company at a much higher $15 billion.
Proud to announce the largest investment in @Flipkart history ! https://t.co/ktwy39H3WW @TencentCorp @eBay @Microsoft #FlipkartBigWin
— binnybansal (@binnybansal) 10 April 2017
Founders of Flipkart, Sachin and Binny Bansal, earlier in a prepared statement said: “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.”
They also added saying that it is a resounding acknowledgment that the homegrown tech ecosystem is indeed thriving and succeeded in solving genuine problems in people’s daily lives all across India.
Devin Wenig, President, and CEO, 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.”
Now, this has a major stake in India’s e-commerce war.
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