Flipkart To Shut Down eBay.in In August: Report

As per a leading dailies report, Flipkart said it will wind up the operations of e-Bay.in, which is amongst the oldest e-commerce sites in the country. The report suggests that Flipkart is close on the heels to start a new online platform for used or refurbished products that will compete with OLX.

The report cited Kalyan Krishnamurthy, CEO of Flipkart as saying in a letter to employees "Based on our learnings at eBay.in, we have built a brand new value platform with refurbished goods, a large market, which is predominantly unorganised...As part of this launch, we will be stopping all customer transactions on eBay.in on August 14, 2018 and transitioning to the new platform".

Last year, the US-based eBay had sold its Indian operations to Flipkart and paid a sum of $500 million to acquire 5% stake in the company. The report also goes to say that eBay did not wanted to continue its business association with Flipkart after Walmart announced acquisition of 77% stake in Flipkart.

The decision hence mark the termination of conflicting interest between the two companies i.e. Flipkart and eBay after the Walmart-Flipkart deal.

Goodreturns.in