The deal was announced in April, when the Flipkart Group raised US $1.4 billion from global technology majors eBay, Tencent and Microsoft. In exchange for an equity stake in Flipkart, eBay had made a cash investment and sold its eBay.in business to Flipkart.
Effective immediately, Flipkart will own and operate eBay.in, which will remain an independent entity as a part of Flipkart. Additionally, both companies are also partnering to leverage opportunities in cross-border trade.
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 more unique Indian inventory from Flipkart sellers.
The partnership will thus provide a new opportunity for Flipkart sellers to expand their sales globally.
Speaking about the development, CEO, Flipkart, Kalyan Krishnamurthy said: “I’m delighted to welcome eBay.in, its employees, sellers and partners into the Flipkart family. Being an early mover, eBay.in has a unique standing in the Indian e-commerce market, which is a great addition to Flipkart’s leadership position. 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.”