Tencent Holdings Ltd, eBay Inc. and Microsoft Co. have led a US$1.4 billion in Flipkart, India's leading e-commerce platform.
The financing round values the Indian online shopping company at US$11.6 billion post-money, below the company's previous valuation of US$15 billion when it raised a US$700 million funding round in 2015.
In addition, eBay announced that it would sell its Indian business to Flipkart, together with its US$500 million cash investments, in exchange for an equity stake in the company, according to a company announcement.
Tencent will become a strategic partner of Flipkart. "This strategic partnership enables Tencent to participate in the exciting opportunities in e-commerce and payments in India," said Martin Lau, president of Tencent.
Founded in 2007, Flipkart sells a variety of products via its platform including books, music and vid...
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