Flipkart acquires eBay India; all formalities completed
Aug 1, 2017, 11:27 IST
Flipkart has completed the process of acquiring the Indian arm of eBay and now eBay.in will be a Flipkart Group company.
Flipkart announced it will buy eBay.in in April this year when it raised $ 1.4 billion from global technology majors eBay, Tencent and Microsoft.
In exchange of an equity stake in Flipkart, eBay had made a cash investment of $500 million and sold its eBay.in business to Flipkart.
"Effective immediately, Flipkart will own and operate eBay.in, which will remain an independent entity as part of Flipkart," Flipkart said in a statement.
"As a result, Flipkart customers will get expanded product choices with the wide array of global inventory available on eBay while eBay customers will have access to a more unique Indian inventory from Flipkart sellers," the statement said.
"Our coming together directly benefits Indian customers and sellers for whom we want to provide the best possible e- commerce experience. This is a step in that direction," Flipkart CEO Kalyan Krishnamurthy said.
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Flipkart announced it will buy eBay.in in April this year when it raised $ 1.4 billion from global technology majors eBay, Tencent and Microsoft.
In exchange of an equity stake in Flipkart, eBay had made a cash investment of $500 million and sold its eBay.in business to Flipkart.
"Effective immediately, Flipkart will own and operate eBay.in, which will remain an independent entity as part of Flipkart," Flipkart said in a statement.
"As a result, Flipkart customers will get expanded product choices with the wide array of global inventory available on eBay while eBay customers will have access to a more unique Indian inventory from Flipkart sellers," the statement said.
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