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eBay Plans To Sell Stake In Flipkart; Relaunch Its India Business
After the Flipkart-Walmart deal goes through US-retailer eBay announced plans to sell its stake in Flipkart to Walmart. The tranAfter tsaction will amount to gross proceeds of around US$ 1.1 billion.
Soon after the mega Flipkart-Walmart mega deal came through, in which Walmart acquired a controlling stake of 77% in Flipkart for $16 billion, California-based eBay announced that it plans to sell its stake in Flipkart to Walmart and relaunch its India business, eBay India.
After the deal between Flipkart and Walmart completed, eBay, the San Jose-headquartered company notified both Flipkart and Walmart about its intentions to sell its stake in Flipkart that will amount to gross proceeds of around US$ 1.1 billion.
In a statement eBay said, "Following the close of the transaction, we also will be ending our current strategic relationship with Flipkart, which includes unwinding our commercial agreements with Flipkart and terminating Flipkart's license to use the eBay.in brand".
"We plan to relaunch eBay India with a differentiated offer to focus initially on the cross-border trade opportunity, which we believe is significant. We believe there is huge growth potential for e-commerce in India and significant opportunity for multiple players to succeed in India's diverse, domestic market," it added.
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