As widely speculated, India’s biggest e-commerce website Flipkart has acquired eBay India. The company announced this on Twitter. Flipkart has also raised $1.4 billion from Tencent, eBay and Microsoft. This is the biggest round of funding by an Indian internet company till date.
With this latest round of funding, Flipkart valuation has reached $11.6 billion and US software giant Microsoft joins the marketplace as a strategic investor. In exchange for an equity stake in Flipkart, US-based eBay will make a $500 million cash investment and sell its eBay.in business to the e-commerce major. Bengaluru-based Flipkart will own and operate eBay.in business once the transaction is closed, which is expected by the end of this year.
Flipkart’s existing investors include Tiger Global Management, Naspers Group, Accel Partners and DST Global.
— Flipkart (@Flipkart) April 10, 2017