Flipkart to close eBay.in, sell refurbished goods via new platform

Flipkart had bought eBay India operations last year. The funding round of $1.4 billion in 2017 saw participants such as Microsoft, Tencent, and eBay where it invested about $500 million in Flipkart and got another $220 million worth of shares from selling
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As part of the launch of the new website for refurbished products, the company will be stopping all customer transactions on eBay.in on August 14, 2018 to transition to the new platform. “Our endeavour will be to ensure that all the eBay.in sellers and customers migrate to the new platform over time with a remarkably enhanced experience,” Krishnamurthy added.
 
The new platform has a different value proposition compared to Flipkart, and will cater to a different target audience. “We are committed to investing in this independent brand,” he said.
 
Flipkart had bought eBay India operations last year. The funding round of $1.4 billion in 2017 saw participants such as Microsoft, Tencent, and eBay where it invested about $500 million in Flipkart and got another $220 million worth of shares from selling its India business to Flipkart.
 
eBay entered the Indian market in 2004 and began operations through the acquisition of News Corp-backed Bazee. com, but struggled to make a mark in a market dominated by Flipkart and Amazon India.
 
The company also picked up a significant stake in Delhi-based online retailer Snapdeal in 2013 and eventually wrote down a $61 million investment in the e-tailer in February this year.
 
 
 
 
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