E-commerce major Flipkart on Monday announced that it is all set to acquire eBay’s India operations as part of a fund-raising deal worth $1.4 billion (approximately Rs 9038 crore). The deal requires eBay to make a cash investment of $500 million (Rs 3,326 crore approximately) in the firm in exchange for an equity stake in Flipkart.

Flipkart will start operating eBay’s business in India once the transaction is completed by end of this year, reported PTI. “The combination of eBay’s position as a leading global e-commerce company and Flipkart’s market stature will allow us to accelerate and maximise the opportunity for both companies in India,” said Devin Wenig, President and CEO of eBay Inc. In the past, Flipkart has acquired Myntra, Jabong and PhonePe.

The acquisition is part of Flipkart’s latest fund-raising deal. In a statement issued on Monday, the e-tailer said that it had raised its biggest amount in 10 years, from Microsoft and Tencent in addition to eBay, reported Mint.

With this, the e-commerce major has been valued at $11.6 billion. “We are delighted that Tencent, eBay and Microsoft — all innovation powerhouses — have chosen to partner with us on their India journey. 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,” said the company’s founders Sachin and Binny Bansal.

Additionally, eBay and Flipkart have now entered a global trade partnership. Wenig told PTI that the this would help eBay and Flipkart reach out to “even more consumers around the world”. As part of the partnership, Indian customers will have access to eBay’s global stock while eBay’s consumers will be able to buy products offered by Flipkart.