E-commerce major Flipkart recently made a big announcement saying that it has completed the merger with eBay India's operations. With this, eBay.in will presently be a Flipkart Group company.
The deal was announced in the month of April when the Flipkart group raised $1.4 billion (approximately Rs. 9,030 crores) from worldwide technology majors eBay, Tencent and Microsoft.
In an exchange over of equity stake in Flipkart, eBay had made cash investment of $500 million and sold its eBay.in business to Flipkart. The statement come a day subsequent to minor rival Snapdeal said it was terminating all discussions of a potential merger.
Though Snapdeal did not name Flipkart, it had been extensively reported that both were talking a merger for the last five months.
"Effective immediately, Flipkart will own and operate eBay.in, which will remain an independent entity as part of Flipkart," Flipkart explains in a statement.
Moreover, the companies will also partner to leverage opportunities in cross-border trade, it added.
"As a result, Flipkart customers will get expanded product choices with the wide array of global inventory available on eBay while eBay customers will have access to a more unique Indian inventory from Flipkart sellers," the statement said.
The current alliance will, as a result, offer an chance to sellers on Flipkart's platform to develop their sales internationally.
"Our coming together directly benefits Indian customers and sellers for whom we want to provide the best possible e-commerce experience. This is a step in that direction," Flipkart CEO Kalyan Krishnamurthy said.
YOU MIGHT ALSO LIKE::