India's largest online retailer Flipkart has raised more $1.4 billion and acquired eBay's India operations.
China's Tencent, eBay (NASDAQ: eBay [EBAY]) and Microsoft (NASDAQ: Microsoft Corporation [MSFT]) have all put money into Flipkart, giving the firm a value of $11.6 billion.
eBay has also entered into a strategic commercial agreement with Flipkart, which will see the Indian firm takeover the eBay.in business in exchange for an equity stake in the company.
eBay.in will continue to operate as an independent entity as a part of Flipkart.
"We are delighted that Tencent, eBay and Microsoft - all innovation powerhouses - have chosen to partner with us on their India journey, Flipkart founders Sachin Bansal and Binny Bansal said in a statement.
"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,"
eBay CEO Devin Wenig said "The combination of eBay's position as a leading global e-commerce company and Flipkart's market stature will allow us to accelerate and maximize the opportunity for both companies in India."