Monday, April 10, 2017

Flipkart acquired eBay India and raised $1.4 billion from Tencent, eBay and Microsoft

Flipkart has acquired eBay India. In exchange for an equity stake in Flipkart, US-based eBay will make a $500 million cash investment and sell its business to Flipkart. Flipkart will own and operate business upon close of transaction.

Also read: ABB acquired Austrian firm B&R for an undisclosed amount

Sachin Bansal and Binny Bansal, Founders of Flipkart said, We are delighted that Tencent, eBay and Microsoft all innovation powerhouses, have chosen to partner with us on their India journey. We have chosen these partners based on their long histories of pioneering industries, and the unique expertise and insights each of them bring to Flipkart. This deal reaffirms our resolve to hasten the transformation of commerce in India through technology.

Martin Lau Tencent President said, This strategic partnership enables Tencent to participate in the exciting opportunities in e-commerce and payments in India. We look forward to helping Flipkart to deliver compelling experiences to users throughout India, and to contribute to the development of the internet ecosystem there.

eBay is making cash investment in and selling its business to Flipkart. will continue to operate as an independent entity as a part of Flipkart.

Devin Wenig President and CEO of eBay Inc said, The combination of eBay's position as a leading global e-commerce company and Flipkart's market stature will allow us to accelerate and maximize the opportunity for both companies in India.



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