Latest News – eBay and Tencent are likely to pick up stake in India’s largest e-commerce marketplace Flipkart with an investment of $1 billion, as they look to get a stronghold in the country’s fast-growing online retail space.
According to a Times of India report, the latest funding round values the Bengaluru-based firm at $11 billion, lower than the $15.2 billion valuation it had achieved in its previous round. However, this figure is far higher than the $5.39 billion valuation mutual fund investors such as Morgan Stanley have given Flipkart.
Flipkart has been in talks to raise funds for several months now, with the valuation of the Indian Internet giant being the main contention for investors to walk away. Talks between China’s Alibaba and US retail giant Walmart are said to have fallen apart after both parties were unwilling to value Flipkart at the $12 billion which it was asking.
It isn’t clear if Tiger Global, the (Read More)