April 10, 2017 / 9:34 AM / 9 months ago

BRIEF-India's Flipkart raises $1.4 bln in its biggest ever funding round

April 10 (Reuters) - Flipkart:

* Flipkart announces investment of $1.4 billion from consortium of global blue chip tech companies

* Tencent, EBay and Microsoft join Flipkart as strategic investors

* The investment by Ebay is accompanied by a strategic commercial agreement with Flipkart

* Flipkart says latest funding round at a post-transaction valuation of $11.6 billion Source text: [[Flipkart Group, India’s leading e-commerce marketplace, has raised a total of $1.4 billion from Tencent, eBay and Microsoft - three of the world’s premier technology companies. This investment adds to an existing group of marquee investors that include Tiger Global Management, Naspers Group, Accel Partners and DST Global. 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. “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]] Further company coverage:

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