• Monday, May 23, 2022

Business

India’s Flipkart raises $1.4 billion from Microsoft, eBay and Tencent

By: Sarwar Alam

India’s top e-commerce company Flipkart announced Monday it had raised $1.4 billion in a record funding round that shores up the online retail giant in its fight against Amazon. Flipkart said it was now valued at $11.6 billion after raising funds from US tech behemoths Microsoft and eBay and China’s Tencent, an investment described as the largest in the history of India’s internet sector. “This deal reaffirms our resolve to hasten the transformation of commerce in India through technology,” Flipkart founders Sachin Bansal and Binny Bansal, who are not related, said in a statement. As part of the deal Flipkart…

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