Flipkart-eBay India deal to close in second half of the year
Apr 21, 2017, 11:50 IST
The deal between Flipkart and eBay India will be finalised by the latter half of the 2017. EBay invested $500 million in Flipkart. India is not the first market that eBay is exiting.
Devin Wenig, CEO at eBay, said, "We-'re committed to winning in India through this partnership.”
EBay will close the deal and upon deal close, it will no longer report active buyer GMV and related financials for eBay India.
"We do not expect the GMV or financial impact to be material to our overall 2017 results. However, we do expect to remove approximately 4 million buyers from our active buyer reporting,” said Scott Schenkel, chief financial officer at eBay.
Recently, eBay along with Microsoft and Tencent pumped in $1.4 billion into Flipkart. The deal included sale of eBay.in to Flipkart and an exclusive cross-border trade agreement.
eBay had entered the Indian market in 2004 but failed to capitalise on its first-mover advantage and eventually lost out to Flipkart and Amazon.
eBay had picked up a significant stake in Delhi-based online retailer Snapdeal in 2013, a part of which it still holds.
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Devin Wenig, CEO at eBay, said, "We-'re committed to winning in India through this partnership.”
EBay will close the deal and upon deal close, it will no longer report active buyer GMV and related financials for eBay India.
"We do not expect the GMV or financial impact to be material to our overall 2017 results. However, we do expect to remove approximately 4 million buyers from our active buyer reporting,” said Scott Schenkel, chief financial officer at eBay.
Recently, eBay along with Microsoft and Tencent pumped in $1.4 billion into Flipkart. The deal included sale of eBay.in to Flipkart and an exclusive cross-border trade agreement.
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eBay had picked up a significant stake in Delhi-based online retailer Snapdeal in 2013, a part of which it still holds.