Microsoft, eBay and Tencent invest $1.4 billion on India's e-commerce giant Flipkart

India’s e-commerce giant Flipkart today raised $1.4 billion at a $11.6 billion valuation from a couple of new investors. The investors include new investors such as Microsoft, eBay, China’s Tencent. Other existing investors of Flipkart, including Tiger Global, Accel Partners, DST Global and Naspers Group are also part of the latest fundraiser. However, the exact amount Microsoft is investing on the online retailer is unknown.

In addition to its latest fundraiser, Flipkart has also announced that it is acquiring eBay India. The company says eBay India will continue to work as an independent company after the acquisition finishes. In a statement, Flipkart’s founders Sachin Bansal and Binny Bansal stated:

“We are delighted that Tencent, eBay and Microsoft — all innovation powerhouses — have chosen to partner with us on their India journey. We have chosen these partners based on their long histories of pioneering industries, and the unique expertise and insights each of them bring to Flipkart. This deal reaffirms our resolve to hasten the transformation of commerce in India through technology”

Flipkart was valued at $15.2 billion when it raised funds back in May 2015, meaning that the company’s valuation has gone down by more than $4 billion over the past 2 years.