Indian e-commerce company raised and investment of $1.4 billion from Microsoft, eBay and chinese company Tencent.
Flipkart valuation has reached to USD 11.6 billion.
China-based Tencent owns social messaging app WeChat and has investments across many online companies.
eBay said on Monday that it was selling its Indian business to Flipkart and was making $500 million cash investment in Flipkart.
— Sachin Bansal (@_sachinbansal) April 10, 2017
The investment by eBay is accompanied by a strategic commercial agreement with Flipkart. In exchange for an equity stake in Flipkart, eBay is making a cash investment and selling its eBay.in business to Flipkart. eBay.in will continue to operate as an independent entity as a part of Flipkart.
* In a landmark win for e-commerce in India, three global tech giants have made the largest investment in Flipkart’s 10-year history as well as in India’s internet sector
* eBay India becomes part of the Flipkart Group, spelling benefits galore for customers and sellers on both Flipkart and eBay.