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India’s e-commerce website, Flipkart, has announced its acquisition of eBay India. Flipkart has made this statement official on Twitter. Flipkart has also raised $1.4bn of investments from Tencent, eBay and Microsoft.
"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," said Devin Wenig, President and CEO of eBay Inc.
As per the cross-border trade agreement signed between Flipkart and eBay, customers of Flipkart will have access to the wide range of global inventory of eBay, while customers of eBay will have access to the Indian inventory provided by Flipkart sellers. This denotes that Flipkart sellers will have an opportunity to expand their sales across the globe.
“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,” Sachin Bansal and Binny Bansal, Founders of Flipkart, said in a statement.
According to Economic Times, the Flipkart founders also stated that it is a "landmark deal for Flipkart and for India" and look it as an endorsement of the Indian start-up's tech prowess, innovative mindset and the potential to disrupt traditional markets.
"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," said Martin Lau, Tencent President.
Flipkart is celebrating its tenth-year of operation and the Group has grown to incorporate Myntra, Jabong and PhonePe — a UPI-based app that enables cashless transactions.