India’s giant ecommerce company Flipkart is stepping up its efforts as competition from Amazon heats up in the nation.
Flipkart announced Monday it has signed an agreement to acquire eBay India.
As part of the deal, eBay will make a cash investment in Flipkart and hand over its India business to the Bangalore-based company. Neither of the companies shared how much cash investment eBay is making, but Reuters says it’s $500 million.
The announcement comes as part of latest round of funding for Flipkart, which saw Tencent, Microsoft and eBay invest $1.4 billion in the company, it said today. Read more...
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