Flipkart has just cracked the biggest deals in the field in the field of E-commerce. The Biggest announcement by Flipkart says that Tencent Ebay and Microsoft have made investments of $1.4 billion.
The Latest Overall funding from the three companies has rounded up to $11.6 billion. Flipkart had many investors earlier, Tiger Global Management, Naspers group, Accel Partners and DST Global.
” 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 ” the founders of Flipkart said.
Ebay’s commercial agreement with Flipkart will run on an equity stake and eBay is making cash investment and selling its Ebay.in Business to Flipkart. However, eBay.in will operate as an individual entity as a part of Flipkart.
“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.
While this deal has benefits for both eBay and Flipkart customers, the Flipkart customers will be able to view and buy the Global Products and so the Ebay customers will be able to buy with Indian accessories.
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. “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,” according to ET
