eBay to Relaunch its Operations in India Without Flipkart
eBay, the California-based online marketplace announced its decision to terminate its strategic partnership with Indian e-commerce Flipkart in an effort to relaunch eBay India with a differentiated offer to focus on cross-border trade, the company said in a statement released on Wednesday.
The announcement comes few hours after reports of the confirmation of the acquisition deal between Flipkart and US-based brick-and-mortar giant Walmart as eBay India sold its shares it bought last year during a funding round of $1.4 billion in partnership with Microsoft and Tencent where the online marketplace poured $500 million in the Indian e-commerce in return for shares. Yesterday, eBay sold all its remaining shares in Flipkart to the deep pocketed Walmart for $1.1 billion.
"Following the clos...