Executive Briefings

eBay and FlipKart Pursue E-Commerce Market in India

eBay Inc., a global e-commerce marketplace and Flipkart, an e-commerce company in India, have agreed to jointly pursue e-commerce opportunities in the Indian market. In exchange for an equity stake in Flipkart, eBay will make a $500m 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 e-commerce company and Flipkart’s market stature will allow us to accelerate and maximize the opportunity for both companies in India,” said Devin Wenig, president and CEO of eBay Inc. “eBay is committed to winning in India in partnership with Flipkart. Our exclusive global trade partnership will allow eBay and Flipkart to reach even more consumers around the world.”

Upon the close of the transaction, which is expected later this year, Flipkart will acquire eBay’s buyers in India. eBay will remove the number of active buyers in India from its reporting during the quarter in which the transaction closes.

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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 e-commerce company and Flipkart’s market stature will allow us to accelerate and maximize the opportunity for both companies in India,” said Devin Wenig, president and CEO of eBay Inc. “eBay is committed to winning in India in partnership with Flipkart. Our exclusive global trade partnership will allow eBay and Flipkart to reach even more consumers around the world.”

Upon the close of the transaction, which is expected later this year, Flipkart will acquire eBay’s buyers in India. eBay will remove the number of active buyers in India from its reporting during the quarter in which the transaction closes.

Read Full Article