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India's Flipkart to shut down eBay.in, launch new platform

01
Aug '18
Indian e-commerce firm Flipkart will shut down eBay.in in August and launch a fresh platform for refurbished goods as it attempts to tap into that large unorganised market segment. For an equity stake in Flipkart last year, US firm eBay had made a cash investment of $500 million in Flipkart and sold eBay.in, its India business, to the latter.

Flipkart will be stop all customer transactions on eBay.in on August 14, a news agency reported citing an email by Flipkart CEO Kalyan Krishnamurthy to his employees.

The company will keep evolving and bringing newer formats, categories and features and all eBay.in sellers and customers will migrate to the new platform, he said.

In May this year, eBay had announced its intention to end its strategic relationship with Flipkart, including unwinding its commercial agreements with the Indian firm and terminating Flipkart's license to use the eBay.in brand.

Flipkart had raised $1.4 billion from global technology majors eBay, Tencent and Microsoft last year. (DS)

Fibre2Fashion News Desk – India


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