eBay CEO Devin Wenig tweeted the news that he plans to relaunch eBay India: “We will be back in the India market soon with http://eBay.in . We will start by bringing import inventory into india and opening up the worlds markets to Indian merchants.”
eBay had sold its Indian marketplace to Flipkart last year in exchange for an equity stake in Flipkart. But today came news that Walmart had acquired Flipkart, a property in which Amazon had also been eyeing.
Oddly the picture accompanying Wenig’s tweet shows eBay headquarters in San Jose with a PayPal logo positioned vertically and carrying what appears to be a sack like those carried by stereotypical hobos.
It wasn’t too long ago that eBay had focused on BRIC countries (Brazil, Russia, India and China). eBay said it expects to receive $1.1 billion for its stake in Flipkart, according to an announcement on its corporate blog this morning, stating it would focus initially on the cross-border trade opportunity presented.
eBay has notified Flipkart and Walmart that it intends to sell its holdings in Flipkart, which will represent gross proceeds of approximately $1.1 billion. Following the close of the transaction, we also will be ending our current strategic relationship with Flipkart, which includes unwinding our commercial agreements with Flipkart and terminating Flipkart’s license to use the eBay.in brand.
We plan to relaunch eBay India with a differentiated offer to focus initially on the cross-border trade opportunity, which we believe is significant. We believe there is huge growth potential for e-commerce in India and significant opportunity for multiple players to succeed in India’s diverse, domestic market.
SOURCE: eBay Announcement