Technology News

Flipkart Acquires eBay India; Tencent, eBay & Microsoft Invested

Flipkart, leading Indian e-commerce website has just acquired eBay India. This Monday Flipkart got investment worth $1.4 billion from Tencent, Microsoft and eBay then acquired eBay India.

Sachin Bansal & Binny Bansal, founders of Flipkart said “We are delighted that Tencent, eBay and Microsoft — all innovation powerhouses — have chosen to partner with us on their India journey. We have chosen these partners based on their long histories of pioneering industries, and the unique expertise and insights each of them bring to Flipkart. This deal reaffirms our resolve to hasten the transformation of commerce in India through technology

Flipkart acquires eBay India

eBay’s strategy of investment in Flipkart is simple. eBay will make cash investment and selling the eBay India to Flipkart in exchange of an equity stake. Although eBay.in will be operated independently under Flipkart group.

Sachin & Binny also added “landmark deal for Flipkart and for India and hailed it as an endorsement of the Indian startup’s tech prowess, innovative mindset and its potential to disrupt traditional markets“.

Also Read:  Fake Products sold by Flipkart & Amazon!

As per a exclusive cross-border agreement signed between Flipkart & eBay, customers of eBay will now be able access the Flipkart’s exclusive Indian Products and Flipkart customers will be now able to access the global stuffs offered by eBay.

David Wenig, President & CEO of eBay Inc. said “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” on the deal.

Also provided that, Tencent (WeChat Owner) has also joined Flipkart as a strategic investor. Martin Lau, President of Tencent said “This strategic partnership enables Tencent to participate in the exciting opportunities in e-commerce and payments in India. We look forward to helping Flipkart to deliver compelling experiences to users throughout India, and to contribute to the development of the internet ecosystem there“.

Previously we reported Flipkart can acquire Snapdeal. If this happen then it can definitely be a threat to Amazon India.

Just for a reminder, Flipkart’s portfolio now contains Myntra, Jabong, PhonePe along along with eBay.in

So Flipkart acquires eBay India, whats your thought? Leave a comment.

Tags

Related Articles