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Ecommerce

eBay to sell its holdings in Flipkart

Friday 11 May 2018 | 02:04 PM CET

eBay has notified Flipkart and Walmart that it intends to sell its holdings in Flipkart, which will represent gross proceeds of approximately USD1.1 billion. 

The US online marketplace will also be ending their current strategic relationship with Flipkart, which includes commercial agreement. eBay will also retract Flipkart’s license to use the eBay.in brand. The announcement comes after Walmart has acquired a majority stake in the Indian ecommerce player. 

The company has also announced plans to relaunch eBay India as a different entity with a focus on cross-border trade. “We believe there is huge growth potential for e-commerce in India and significant opportunity for multiple players to succeed in India’s diverse, domestic market,” says the company’s press release. 

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