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10 April 2017
E-commerce
major Flipkart on Monday said it has raised a total of $1.4 billion from
Tencent, eBay and Microsoft. The Total
Investment & Insurance Solutions
The
latest funding round, at a post-transaction valuation of $11.6 billion, is the
largest in Flipkart'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, a company statement said.
This
investment adds to an existing group of investors that include Tiger Global
Management, Naspers Group, Accel Partners and DST Global.
"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. It is a resounding acknowledgement that the homegrown tech ecosystem
is indeed thriving and succeeding in solving genuine problems in people's daily
lives across all of India," said Sachin Bansal and Binny Bansal, founders
of Flipkart, in a statement.
"This
deal reaffirms our resolve to hasten the transformation of commerce in India
through technology," they added. The Total
Investment & Insurance Solutions
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 in and selling its eBay.in business to Flipkart. eBay.in will
continue to operate as an independent entity as a part of Flipkart, the
statement said. The Total Investment
& Insurance Solutions
Flipkart
and eBay have also signed an exclusive cross-border trade agreement. As a
result of the partnership between Flipkart and eBay, customers of Flipkart will
gain access to the wide array of global inventory on eBay, while eBay's
customers will have access to more unique Indian inventory provided by Flipkart
sellers.
"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," said Devin Wenig, President and
CEO of eBay Inc.
"eBay
is committed to winning in India in partnership with Flipkart. Our exclusive
global trade partnership will allow eBay and Flipkart to reach even more
consumers around the world," he added. The Total Investment & Insurance Solutions
Tencent
has joined the investment deal as a strategic investor, bringing experience in
linking social networking and e-commerce. As a leading provider of internet
value-added services in China, it has been at the centre of innovation in
social, payments and other areas.
"Flipkart
is a leader in e-commerce in India, with strong operational expertise and a
deep understanding of user behaviour. This strategic partnership enables
Tencent to participate in the exciting opportunities in e-commerce and payments
in India.
"We
look forward to helping Flipkart to deliver compelling experiences to users
throughout India, and to contribute to the development of the internet
ecosystem there," said Tencent President Martin Lau. The Total Investment & Insurance Solutions
Launched
in 2007, the Flipkart Group includes well-known Indian brands such as Myntra,
Jabong, PhonePe and Ekart, besides the parent company. The company offers over
80 million products across 80 plus categories.The Total Investment & Insurance Solutions
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