Flipkart is India’s top e-commerce company and facing stiff competition from the US based tech giant Amazon.com. But now Flipkart raised $1.4 billion from Tencent Holdings Ltd, Microsoft Corp and Ebay Inc.The leading online retail market Filpkart will now value at $11.6 billion.
India is fastest growing Internet Service market as internet penetration in India is increasing with the launch of services like Reliance Jio. Now everyone can have the access of internet at very cheap price. And the trending o online shopping in India is increasing day by day.
Last year Amazon said that it would invest over $ billion in India and also launched services like Amazon Prime, a video service by Amazon.
Flipkart recently overtake the India’s third largest online shopping site Snapdeal.
“We are delighted that Tencent, eBay and Microsoft – all innovation powerhouses – have chosen to partner with us on their India journey,” Flipkart’s founders Sachin Bansal and Binny Bansal said in a statement.
“This deal reaffirms our resolve to hasten the transformation of commerce in India through technology.”
Also Ebay India will merge its operations with Flipkart which will boost ebay operations in India.