Flipkart gets $1 bn from Tencent, Microsoft; eyes another $500 mn from eBay

This brings down the valuation to $11 billion from a previous high of $15 billion

India's largest e-commerce marketplace Flipkart has closed a $1 billion funding round with backing from Chinese Internet giant Tencent and participation from Microsoft, just two months after former Tiger Global executive Kalyan Krishnamurthy took over as CEO of the company.

This latest round of funding brings down the valuation of India's most highly valued startup to $11 billion from a previous high of $15 billion according to sources close to the development. While the round has been completed, the company has so far not disclosed any details on the investment.

Flipkart declined to comment on "market speculations" citing company policy.

Apart from the