India’s Flipkart raises $1.4 bn from Microsoft and eBay: HumSub.TV
India’s Flipkart raises $1.4 bn from Microsoft and eBay: HumSub.TV: India’s top e-commerce company Flipkart announced Monday it had raised $1.4 billion in a record funding round that shores up the online retail giant in its fight against Amazon.
Flipkart said it was now valued at $11.6 billion after raising funds from US tech behemoths Microsoft and eBay and China s Tencent, an investment described as the largest in the history of India s internet sector.
“This deal reaffirms our resolve to hasten the transformation of commerce in India through technology,” Flipkart founders Sachin Bansal and Binny Bansal, who are not related, said in a statement.
As part of the deal Flipkart will acquire and run eBay India in return for a $500 million investment from the US firm.
EBay president Devin Wenig said the merger of its local operations with the Bangalore-based firm would “take it to greater heights” in India, a multi-billion online retail market.
Flipkart, founded in 2007 by the two former Amazon employees, and its smaller local rival Snapdeal have attracted billions of dollars in overseas investment since their inception.
The firms have battled stiff competition from American e-commerce giant Amazon since it entered India s cut-throat and rapidly growing online retail market in 2013.
Flipkart has earlier drawn backers such as New-York based venture capitalists Tiger Global Management LLC and Singapore sovereign wealth fund GIC.
In 2014 Flipkart raised $1 billion in funding while Snapdeal received $627 million from Japan s Softbank.
India s e-commerce market was worth about $23 billion in 2015, according to business body Assocham, and is expected to be worth over $32 billion by the end of the decade.
India’s Flipkart raises $1.4 bn from Microsoft and eBay: HumSub.TV
India’s Flipkart raises $1.4 bn from Microsoft and eBay: HumSub.TV
About HumSub TV
Introduction
HumSub TV is Pakistan’s leading forwarding-thinking, edutainment channel, aimed at promoting and upholding peace, interfaith harmony and social responsibility within Pakistan through informative and insightful programmes and documentaries; analytical interviews on issues pertaining to social, economic, legal and environmental set-up; dedicated shows to canvass and thereby promote the culture and heritage of Pakistan and in-depth coverage of national and international news.
HumSub TV is the first channel and thus a pioneer within its own right that mainly focuses on emphasising the “Rights” as well as the “Obligations” of the citizens in light of the Constitution of Pakistan, numerous International declarations signed by the Government and various laws that have been promulgated over the years but are not in the knowledge of the common citizen.
HumSub TV also aims to enter into bilateral agreements with other countries to promote not only their culture, heritage and tourism, but also their educational and medical facilities.
Following the successful launch of HumSub TV’s head office in Blue Area, Islamabad; the bureau office has been set up in Lahore.
Vision
To project positive image building of Pakistan and inculcate nationalism, as per the vision of the founder of the nation, Quaid-e-Azam Mohammad Ali Jinnah.
Mission
HumSub TV is resolute about the promotion of a pluralistic, inclusive and egalitarian society in Pakistan where all citizens are allowed to contribute to promote interfaith harmony, peace and collective wisdom in the social, political and economic development of Pakistan and to encourage critical and lateral thinking in the society. HumSub TV strives to make a positive contribution to this end.
HumSub TV’s Theme
HumSub TV, Pakistan’s first EDUTAINMENT Channel, has been set up for not only those audience residing in Pakistan or overseas but the international community on the whole. The vision of the channel is to project positive image building of Pakistan and inculcate nationalism as per the vision of the founder of the nation.
HumSub TV strives to make a positive contribution to this end by promoting pluralism, inclusiveness and egality in Pakistan and give voice to the suppressed. It endeavors to act as a positive catalyst for social change and Pakistani nationalism. It envisions providing a platform for airing critical and lateral thinking and collective wisdom by inviting positive minded intellectuals and opinion forming individuals for the promotion of interfaith harmony and peace in the social, political and economic development of Pakistan.
Whereas the channel airs upbeat edutainment programmes, it, nonetheless, has the primary objective of countering negative anti-Pakistan regional and international propaganda as well as advancing fundamental rights as encapsulated in the Constitution of Pakistan.
For More News:
Visit HumSub TV