E-commerce major Flipkart stated that it has completed the merger with eBay India’s operations.
In exchange for an equity stake in Flipkart, eBay has made a $500 million cash investment in and sold its eBay.in business to Flipkart.
Effective immediately, Flipkart will own and operate eBay.in.
This move comes at a time after Snapdeal ended merger talks with Flipkart.
Additionally, the companies are moving forward to jointly pursue cross-border trade opportunities to make eBay’s global inventory accessible to more India consumers, while eBay’s millions of active buyers globally will have access to more unique Indian inventory provided by Flipkart.
“This partnership between Flipkart and eBay is the coming together of two pioneering innovators who have disrupted commerce by applying technology. It bodes well for Indian and global customers, sellers and the wider eCommerce ecosystem. eBay.in has built a strong presence in India over the years and we hope to take it to greater heights as part of the Flipkart group,” said Binny Bansal, Group CEO, Flipkart earlier in April.
eBay Inc. is a global commerce leader including the Marketplace, StubHub and Classifieds platforms.
The Flipkart Group is India’s largest e-commerce marketplace and includes group companies Flipkart, Myntra, Jabong and PhonePe. Launched in October 2007, Flipkart offers over 80 million products across 80+ categories and is known for pioneering services such as Cash on Delivery, No Cost EMI and easy returns – innovations that made online shopping more accessible and affordable for millions of customers.