Flipkart completes acquisition of eBay's Indian arm eBay.in
02 August 2017
Flipkart took over eBay.in on Tuesday, after the two companies concluded the merger announced in April when the time Indian ecommerce company raised a $1.4-billion funding from eBay, Microsoft and Tencent for the acquisition.
US-based eBay made a $500-million cash investment in Flipkart for an equity stake and sold its failing Indian arm eBay.in to Flipkart.
eBay.in will remain an in dependent entity as part of Flipkart, the latter said. Both companies will also leverage cross-border trade, which will enable Flipkart's customers to access global inventory on eBay, while Flipkart sellers can also get access to eBay customers, giving them a chance to sell globally.
''I'm delighted to welcome eBay .in, its employees, sellers and partners into the Flipkart family,'' Flipkart chief executive Kalyan Krishnamurthy said in a statement.