Indian eCommerce company Flipkart has raised $1.4bn (£1.1bn) in funding from Tencent, eBay and Microsoft, placing it at a valuation of $11.6bn.
The three giants join existing investors including Tiger Global Management, Naspers Group, Accel Partners and DST Global.
Sachin Bansal and Binny Bansal, founders of Flipkart, said: “We are delighted that 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 bring to Flipkart. This deal reaffirms our resolve to hasten the transformation of commerce in India through technology.”
Perhaps the biggest news, however, is that as part of the investment eBay India will become part of the Flipkart Group.
In exchange for an equity stake in Flipkart, eBay is making a cash investment and selling its Indian branch. eBay.in will continue to operate independently.
As part of the deal, the pair have also signed a cross-border trade agreement that will provide Flipkart customers with access to eBay’s global inventory, and eBay customers with access to Flipkart sellers.