India’s e-commerce giant Flipkart has announced a new $ 1.4 billion financing and investment round as well as its acquisition of eBay India in an undisclosed deal.
Flipkart has received funding from several US and global companies such as Microsoft, eBay and Tencent as well as Indian venture capital firms. Flipkart has reached $ 11.6 billion after seven rounds of financing.
eBay India will continue to operate separately and independently from Flipkart. In addition, an agreement has been signed between Flipkart India and eBay International so Flipkart customers can buy from eBay repositories around the world, while eBay customers can buy from vendors located on Flipkart platform.
Flipkart has faced several problems with investors recently making its value fall now after it was valued at $ 15.2 billion after it earned $ 1.7 billion in 2014. Flipkart faces great competition from Amazon and Snapdeal as it has problems creating its own shipping and transportation services.