While reports have been saying it for some time now, Flipkart on Monday confirmed that it had raised $1.4 billion from investors that included eBay, Chinese company Tencent and Microsoft.
The e-commerce company also announced that it was taking over eBay India.
Sachin Bansal, one of the company’s co-founders, tweeted a statement announcing the successful fundraising:
In a statement, the company said that the funds were raised with the company valued at $1160 crore ($11.6 billion). The company had achieved a peak valuation of $15 billion.
Buying eBay India
In the statement, Flipkart said that the investment by eBay had been 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 its eBay.in business to Flipkart. eBay.in will continue to operate as an independent entity as a part of Flipkart,” the statement said.
Flipkart said that it had also signed an exclusive “cross-border trade agreement”.
This, the company said, will allow customers of Flipkart to 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.
Flipkart also put out this graphic of how they’ve raised funds since 2009: