(Yicai Global) April 11 -- Indian e-commerce company Flipkart has received USD1.4 billion from tech giants Microsoft Corp. [NASDAQ:MSFT], eBay Inc. [NASDAQ:EBAY] and Tencent Holdings Ltd. [HKG:0700], the Wall Street Journal reported.
The investment round was led by Tencent, the Indian firm said, but did not say who had given how much. The Chinese internet giant will become a strategic investor in the e-commerce firm, helping it make moves in social networking and step up its e-commerce game.
eBay said yesterday that it would sell its Indian subsidiary to Flipkart and invest USD500 million in the buyer in return for equity.
Upon completion of the financing round, Flipkart forecast its valuation at USD11.6 billion, somewhat lower than its USD15 billion value after its 2015 funding.
The company, founded in 2007, is headquartered in Bangalore and sells a range of products, including smartphones and jeans.
Softbank Group, a Japanese multinational telecoms firm, plans to sell its shares in India's third-largest e-commerce company, Snapdeal, to Flipkart, according to local media reports. The transaction would involve trading its Snapdeal shares for equity in Flipkart.