NEW DELHI: US-based eBay on Wednesday mentioned it plans to sell its stake in Flipkart for approximately $1.1 billion, and can relaunch eBay India focusing initially on go border business alternative.
The statement via eBay came after Walmart Inc announced that it is buying 77 in keeping with cent stake in Flipkart for approximately $16 billion, and in addition inside a 12 months of Flipkart obtaining eBay India.
"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," the eBay statement mentioned.
Following the shut of the transaction, eBay mentioned it's going to also be ending the current strategic relationship with Flipkart, which incorporates unwinding business agreements with Flipkart and terminating Flipkart's licence to make use of the eBay.in emblem.
"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," the statement mentioned.
Only closing 12 months, Flipkart staff raised $1.four billion from world technology majors eBay, Tencent and Microsoft.
In exchange of an equity stake in Flipkart, eBay had made a cash funding of $500 million and offered its eBay.in business to the Bengaluru-based e-commerce major.
The statement via eBay came after Walmart Inc announced that it is buying 77 in keeping with cent stake in Flipkart for approximately $16 billion, and in addition inside a 12 months of Flipkart obtaining eBay India.
"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," the eBay statement mentioned.
Following the shut of the transaction, eBay mentioned it's going to also be ending the current strategic relationship with Flipkart, which incorporates unwinding business agreements with Flipkart and terminating Flipkart's licence to make use of the eBay.in emblem.
"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," the statement mentioned.
Only closing 12 months, Flipkart staff raised $1.four billion from world technology majors eBay, Tencent and Microsoft.
In exchange of an equity stake in Flipkart, eBay had made a cash funding of $500 million and offered its eBay.in business to the Bengaluru-based e-commerce major.
eBay to sell stake in Flipkart for about $1.1 billion
![eBay to sell stake in Flipkart for about $1.1 billion]()
Reviewed by Kailash
on
May 10, 2018
Rating:
