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Flipkart Terminates Operations Of eBay India

24Jul By AnkitaNo Comments

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Flipkart Terminates Operations Of eBay India

Flipkart plans to shut down eBay.in, which it had been operating for the last one year. However, eBay is anticipated to relaunch in India very soon as the strategic relationship between the two companies has ended. Flipkart Pvt Ltd. is an Indian electronic commerce company based in Bengaluru, India. Founded by Sachin Bansal and Binny Bansal in 2007, the company initially focused on book sales, before expanding into other product categories such as consumer electronics, fashion, and lifestyle products. Chief Executive Officer Kalyan Krishnamurthy informed the employees, “Flipkart is planning to launch a new platform in order to sell refurbished goods. Based on our learnings at eBay.in, we have built a brand new value platform launching with refurbished goods — a large market w...

Flipkart-eBay India Deal Gets Indian Government Nod

E-commerce major Flipkarts proposed acquisition of eBay India has received approval from the Competition Commission. Besides, the fair trade regulator has given nod to eBay Singapores subscription of compulsorily convertible preference shares (CCPS) issued by Flipkart. In a tweet, the Competition Commission of India (CCI) said that it has approved "subscription by eBay Singapore of CCPS issued by Flipkart and acquisition of eBay India by Flipkart". As per the notice submitted to the regulator, the transaction relates to the acquisition of 100 per cent share capital of eBay India by Bangalore based e-commerce firm Flipkart. The transaction also involves the acquisition of certain compulsorily convertible preference shares of Flipkart by eBay Singapore, as per the notice. Earl...

Flipkart Acquired Ebay India, Also Received $500 Million Cash Investment From Ebay

eBay Inc. (NASDAQ: EBAY), a global commerce leader, and Flipkart, a leading eCommerce company in India, have agreed to jointly pursue eCommerce opportunities in the Indian market. In exchange for an equity stake in Flipkart, eBay will make a $500 million cash investment in and sell its eBay.in business to Flipkart. Flipkart will own and operate the eBay.in business upon the close of the transaction. eBay and Flipkart have also entered into an exclusive agreement in which they will 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. "The combination of eBay's position as a leading global eCommerce company...