eBay.in is now part of Flipkart
A day after Snapdeal walked away with its merger talks with Flipkart, the latter said its transaction with eBay.in is now complete making it a group company.
Flipkart said, "Effective immediately, Flipkart will own and operate eBay.in, which will remain an independent entity as a part of Flipkart. Additionally, both companies are also partnering to leverage opportunities in cross-border trade."
The company further said that the move will help customers get expanded product choices with a global inventory.
The deal was announced in April, when the Flipkart Group raised $1.4 billion from global technology majors eBay, Tencent and Microsoft. In exchange for an equity stake in Flipkart, eBay had made a cash investment and sold its eBay.in business to Flipkart.
Flipkart CEO Kalyan Krishnamurthy said, “Being an early mover, eBay.in has a unique standing in the Indian e-commerce market, which is a great addition to Flipkart’s leadership position.”