Flipkart and eBay “complete” agreement for working together

Flipkart may still be smarting from its recent failure to buy Snapdeal, but the company has completed its agreement to work with eBay. As previously reported by Post&Parcel, Flipkart and eBay announced their collaborative plans back in April. Yesterday (31 July), the companies published an update saying they have now “completed their transaction”.

According to the statement posted on eBay’s website: “In exchange for an equity stake in Flipkart, eBay has made a $500 million cash investment in and sold its eBay.in business to Flipkart.

“Effective immediately, Flipkart will own and operate eBay.in.

“Additionally, the companies are moving forward to jointly pursue cross-border trade opportunities to make eBay’s global inventory accessible to more India consumers, while eBay’s millions of active buyers globally will have access to more unique Indian inventory provided by Flipkart.”