Ebay Merges With Flipkart
By: Pinki Tue, 01 Aug 2017 3:08:29
E-commerce major Flipkart on Tuesday said it has completed the merger with eBay India's operations. With this, eBay.in will now be a Flipkart Group company. The deal was announced in April when the Flipkart group raised $ 1.4 billion from global technology majors eBay, Tencent and Microsoft.
The announcement comes a day after smaller rival Snapdeal said it was terminating all discussions of a potential merger. While Snapdeal did not name Flipkart, it had been widely reported that both were negotiating 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 said in a statement.
