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Flipkart closes $1.4bn funding round, acquires eBay India

Indian e-tailer strikes its largest ever deal amid possible Snapdeal buyout

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Satya Nadella, Microsoft chief executive (left), and Binny Bansal, Flipkart group chief executive and co-founder, at a news conference in Bengaluru, India, Feb. 20, 2017.   © Reuters

NEW DELHI -- Flipkart, India's largest online retailer, on Monday announced it has raised a whopping $1.4 billion from Tencent Holdings, eBay and Microsoft in its biggest-ever funding round since its inception a decade ago, a deal which will help it take on its bitter rival Amazon more aggressively.

The funding round, which values the company at $11.6 billion -- a decline from its peak valuation of $15 billion in 2015, comes amid speculation that Flipkart is in talks to buy its smaller competitor Snapdeal, another homegrown e-tailer which is backed by Japan's SoftBank.

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