Flipkart announces raising $1.4 billion from Tencent, eBay & Microsoft, and acquires eBay India
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Flipkart announced the feat in a blog post.
Proud to announce the largest investment in @Flipkart history ! https://t.co/ktwy39H3WW @TencentCorp @eBay @Microsoft #FlipkartBigWin
— binnybansal (@binnybansal) April 10,
Tencent, a leading provider of internet value-added services in China, joins as a strategic investor, bringing experience in linking social networking and e-commerce. Tencent will lend significant expertise to Flipkart as it furthers its leadership position across the e-commerce market in India.
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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 it's eBay.in business to Flipkart. eBay.in will continue to operate as an independent entity as a part of Flipkart.
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“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
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Flipkart and eBay have also signed an exclusive cross-border trade agreement, as a result of which customers of Flipkart will gain access to the wide array of global inventory on eBay, while eBay’s customers will have access to unique Indian inventory provided by Flipkart sellers. Thus, sellers on Flipkart will now have an opportunity to expand their sales globally.
On its ten-year odyssey, the Flipkart Group has grown to encompass
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