Flipkart recently announced its one of the biggest funding rounds that consists of big names from all over the world. Also, it is buying out the Indian operation chapter of eBay who was one of the biggest rivals. The funding is that of $1.4 billion i.e. about 9000 crore in Indian currency.
Tencent from China will invest about $700 million in the company followed by eBay Inc who will make a contribution of $500 million. As Flipkart is buying the Indian chapter so eBay Inc will receive some portion of Flipkart stock. The deal is rounded off with final investment from Microsoft for $200 million.
It is one of the landmark deals that are not only beneficial for the company but also for India. It also establishes India as a tech-influenced market that is not confined to the traditional world of marketing. This endorsement also comes as a big support for the ecosystem of startups in India.
Earlier Flipkart acquired Myntra, Jabong and now eBay has joined the list. Only time will tell if Flipkart will take over the other competitors too.