Tencent, Microsoft and eBay provided the funding, which was formally announced alongside the acquisition of eBay's India business.
India-based e-commerce firm Flipkart confirmed yesterday it has raised $1.4bn in funding from internet group Tencent, online marketplace operator eBay and software provider Microsoft at a post-money valuation of $11.6bn.
Flipkart runs India’s largest e-commerce marketplace by sales, carrying a wide range of consumer goods. However, profitability has proven hard to come by as it has faced fierce competition not only from domestic rivals like Snapdeal but also foreign competitors like Amazon.
The funding was announced by the company alongside…