Flipkart, India's largest e-commerce company, announced on Monday that it has obtained 1.4 billion U.S. dollars of investment led by Microsoft, Tencent and eBay. Flipkart will take control of eBay India in the deal.

This is regarded as another move to compete with Amazon. Last year, Amazon announced that it would invest 5 billion U.S. dollars in India to consolidate the market and expand market in video streaming and groceries stores.

According to India's local media, Softbank Corporation intends to sell the shares it holds in Snapdeal to Flipkart. In exchange, Softbank Corporation will obtain certain part of Flipkart shares.

Snapdeal and Flipkart are India's two biggest homegrown e-commerce groups.

Email: gaohan@nbd.com.cn