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Report: India's Flipkart expecting up to $1.5B in funding

India's Flipkart is set to secure fresh funding of $1.2 billion to $1.5 billion from Tencent Holdings Ltd., Microsoft Corp. and eBay Inc., Mint reported April 6, citing three people close to the matter.

They added that the investments would give the online retailer a pre-money valuation of $10 billion in its current round of fundraising, which is likely about to close.

Meanwhile, Flipkart is in talks over purchasing Snapdeal with the Indian e-commerce site's backer, Japan's SoftBank Group Corp., the sources said. Snapdeal has previously denied that any discussions over a sale were taking place.

Flipkart is also said to be in negotiations to buy eBay's Indian unit.