Flipkart announced Monday that it has received investments totaling $1.4 billion from Microsoft, eBay and Tencent, taking the company’s value to $11.6 billion (Rs.7,50,63,60,00,000.00). It is also reported that Flipkart will soon buy Snapdeal.
eBay.in will continue to operate as an independent entity as a part of Flipkart.
Now, this is big news for Indian E-Commerce industry.
“This is a landmark deal for Flipkart and for India as it endorses our tech prowess, our innovative mindset, and the potential we have to disrupt traditional markets. It is a resounding acknowledgment that the homegrown tech ecosystem is indeed thriving and succeeding in solving genuine problems in people’s daily lives across all of India,” said Sachin Bansal and Binny Bansal, Founders of Flipkart.
“The combination of eBay’s position as a leading global e-commerce company and Flipkart’s market stature will allow us to accelerate and maximise the opportunity for both companies in India,” said Devin Wenig, President, and CEO of eBay Inc.
Now there are two big questions
- Who will buy Snapdeal? Flipkart or Paytm?
- Will this deal help Flipkart to fight against Amazon?
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