Insta
Flipkart Bags Biggest Ever Start-up Funding, Buys eBay India
.jpg)
Logos of Flipkart and eBay India (Twitter)
Online retail giant Flipkart is stronger by a few more billion dollars having closed the biggest-ever funding round. Flipkart as reported by Mint, has upped its ability by a whopping $1.4 billion from Tencent Holdings Ltd, a Chinese social networking and gaming Internet firm, eBay Inc and Microsoft Corp and upped its ability by so much more to compete with arch-rival Amazon India.
eBay Inc will invest $500 million in Flipkart Ltd, which in turn will buy eBay’s India business as part of the deal. Though lower than its peak valuation of $15 billion, the funding round values Flipkart at $11.6 billion; commendable for a company that saw a major slump in valuation by its own investors last year.
“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 home-grown tech ecosystem is indeed thriving and succeeding in solving genuine problems in people’s daily lives across all of India,” Flipkart co-founders Sachin Bansal and Binny Bansal said in a statement.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.
Latest
