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Flipkart shuts eBay India operations; to launch new site
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SME Times News Bureau | 15 Aug, 2018
Leading e-tailer Flipkart on Tuesday shut its eBay India operations,
three months after US retail giant Walmart bought a 77 per cent stake in
it for $16 billion.
Announcing the end of its operations, the
eBay India website read: "Sorry, you can no longer transact on eBay.in.
But not to worry, Flipkart will introduce a brand-new shopping
experience soon."
While eBay has closed its India website for
taking any new orders, it has set August 30 as the last date for buyers
to raise claims for transactions done to date.
Earlier on July
26, eBay India, which allows both businesses and consumers to sell their
goods through the site, had asked all its sellers to delist products
which were worth less than Rs 250 and more than Rs 8,000.
Flipkart, however, did not respond to questions by IANS on the details of the new website to be launched.
The
Bengaluru-based Flipkart in 2017 acquired eBay India's operations in a
$1.4 billion fund-raising deal from several investors, including eBay,
which invested $500 million and received $200 million worth stocks in
Flipkart.
With Walmart acquiring a majority stake (77 per cent)
in Flipkart in a $16 billion (Rs 1,07,662 crore) deal in May this year,
California-based eBay had announced that it would sell its stake in
Flipkart back to the company for about $1.1 billion and relaunch its
India business soon.
"The company plans to relaunch eBay India
with a differentiated offer to focus initially on the cross-border trade
opportunity," eBay had said in a statement earlier.
Founded in 1995, eBay forayed into the Indian market in 2004.
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