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 (approximately Rs. 9,030 crores) from global technology majors eBay, Tencent and Microsoft.
In exchange of an equity stake in Flipkart, eBay had made a cash investment of $500 million and sold its eBay.in business to Flipkart. The announcement comes a day after smaller rival Snapdeal said it was terminating all discussions of a potential merger.
“Effective immediately, Flipkart will own and operate eBay.in, which will remain an independent entity as part of Flipkart,” Flipkart said in a statement.
The partnership will, therefore, provide an opportunity to sellers on Flipkart’s platform to expand their sales globally.