Flipkart is looking to raise around $1.5 billion in fresh funding. As per various reports, the fresh funding round for Flipkart will be led by US-based eBay and China’s Tencent.

The Economic Times report mentioned citing one of the persons familiar with the development. The American online e-commerce major could also invest up to $500 million, accounting for the lion’s share of the investment and a potential third investor could also participate in the round, the report added.

Last month, it was reported that besides Tencent and eBay, Microsoft Corp, PayPal Holdings Inc and Google parent Alphabet’s investment arm Google Capital were looking to invest up to $1.5 billion (around Rs 10,040 crore) in Flipkart at a valuation of $10-12 billion.

“Talks with eBay are at an advanced stage, and a strategic deal may include Flipkart acquiring or merging their India operations,” ET quoted sources as saying.

“Best known for its mobile messaging application We-Chat, Tencent – an investor in Indian startups like messaging platform Hike and healthcare startup Practo – has conducted due diligence on Flipkart,” two people aware of the matter told ET.

Flipkart has to seal the deal as Amazon India received whopping Rs 7,000 crore in 2016 from its parent company. The American major also increased its commitment to its Indian operations from $2 billion to $5 billion in June 2016.

“The current round of funding will provide a much-needed boost and improve the sentiment towards ecommerce and the overall startup sector in India. Apart from the company, the ecommerce ecosystem partners such as logistics companies and others will benefit,” Sreedhar Prasad, partner for ecommerce and startups at KPMG India, told ET.

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