eBay completed the sale of its marketplace in India to rival Flipkart. The deal, announced in April, also results in eBay gaining an equity stake in Flipkart. The two companies will expand cross-border trade – that could make it more likely that US shoppers will encounter items for sale from India – and potentially providing opportunities for US sellers to sell to shoppers in India.
This week’s update to eBay’s April press release follows:
UPDATE: eBay and Flipkart have completed their transaction announced on April 10, 2017. 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. 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.
SOURCE: eBay Press Release