American e-commerce giant, eBay plans to close sale of its India business to Flipkart early in the second half of this year. The company hopes its $500-million investment in and strategic partnership with the country’s top online marketplace will boost its India play.
Devin Wenig, CEO, eBay, said, "I'm very excited about this new exclusive partnership, which enables us to increase our penetration in India by making eBay’s global inventory accessible to a significantly larger set of Indian consumers. We're committed to winning in India through this partnership."
Once the sales closes, eBay will stop reporting active sales in India and related financials.
Scott Schenkel, Chief Financial Officer, eBay, said, "We expect this deal to close early in the second half of 2017, and upon deal close we will no longer report active buyer GMV and related financials for eBay India."