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With this round of funding, Flipkart valuation has reached USD 11.6 billion and US IT major Microsoft joins the marketplace as a strategic investor.
Flipkart’s existing investors include Tiger Global Management, Naspers Group, Accel Partners and DST Global.
“Flipkart Group has raised a total of USD 1.4 billion from Tencent, eBay and Microsoft – three of the world’s premier technology companies,” Flipkart said in a statement.
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China-based Tencent owns social messaging app WeChat and has investments across various online companies like Practo, Ibibo etc.
Flipkart founders Sachin Bansal and Binny Bansal said it’s a landmark deal for the company and for India as it endorses the firm’s tech prowess, innovative mindset and the potential to disrupt traditional markets.
The Flipkart Group owns several well-known Indian brands such as Myntra, Jabong, PhonePe and Ekart.