With this, eBay.in will now be a Flipkart Group company. The deal was announced in April when the Flipkart group raised USD 1.4 billion from global technology majors eBay, Tencent and Microsoft.
The January-June period of this year attracted 181 deals worth USD 29.2 billion, 56.7 per cent higher compared with the corresponding period last year and even surpassed the first half 2012 level which was the historical high for deal making in India, the global deal tracking firm said.
The last time Flipkart raised money was at a valuation of USD 15.2 billion. The lower valuation explains the stress in the e-commerce industry in India and the difficulty in finding an investor.
Bansal pointed that the company will be cautious when it comes to spending and growing the business
The announcement comes in the wake of Flipkart, India's largest e-commerce player, looking to cut cost by its plan to sack at least 700 employees, or over 3 per cent of its workforce, to compete with rivals like Amazon and Snapdeal.
Bangalore-based Flipkart has been valued at a whopping $11.6 billion or nearly Rs 74,800 crore – more than the market capitalisation of all the listed retail companies on the NSE
Even as eBay has sold its India business Flipkart, not all of its employees in India will be absorbed by the Bangalore-based company
In exchange for an equity stake in Flipkart, eBay is making a cash investment in and selling its India business to the company
eBay founder Pierre Omidyar's philanthropic foundation pledged today to donate USD 100 million over three years to support "independent media and investigative journalism" worldwide, while tackling "misinformation and hate speech."
A legal brief filed in federal court in Hawaii on Tuesday on behalf of Silicon Valley companies listed the support of 58 companies, less than half the 127 signatories to a similar brief filed in an appeals court last month after Trump's first executive order banning travel from a number of countries the administration said posed a security risk.
The company which was valued at USD 15.2 billion in May 2015, is now valued at USD 5.37 billion.
India‘s largest online market place, Flipkart, is in plans to increase the size of its funding round and is now seeking to raise up to USD 1.5 billion from investors including Microsoft Corp., eBay Inc., PayPal Holdings Inc. and Tencent Holdings Ltd, reports Mint.
Flipkart plans to halve its monthly spend to USD 20 million from USD 45 million as it prepares to raise USD 500-800 million in fresh capital, ET reported on Monday citing two people aware of the development.
When contacted, an eBay India spokesperson said eBay regularly reviews its operational structure as a normal course of business.
Lending mechanisms in India revolve around collateral, business models and revenue generation â€” neither of them a startup‘s biggest strength. This is where venture debt firms step in, helping startups to sustain operations till they get equity funding.
The world's largest chipmaker said earlier this year that Smith, who has been Intel's chief financial officer for nearly a decade, would shift to a new role.
It is easier to understand why e-wallet payments are catching on fast in India. More people own smart phones now and are becoming tech-savvy. And e-wallet providers are fighting it out among themselves to grab more of this market share.
With about 30 million users in the country, Mobikwik is one of the biggest wallet companies in India. It competes with the likes of Paytm and PayU.
The government today allowed 100 percent FDI through automatic route in the marketplace format of e-commerce retailing, a development that will give a boost to foreign firms like Amazon and Ebay as well as domestic players such as Flipkart and Snapdeal.
This is the fourth top-level hiring at Jabong in three months, even as Sanjeev Mohanty took over as chief executive in December 2015.
In such a model, the e-commerce company provides an online platform for buyers and a sellers. At present, global e-tailer giants like Amazon and Ebay are operating online marketplaces in India while homegrown players like Flipkart and Snapdeal have foreign investments even as there are no clear FDI guidelines on various online retail models
"The counter for eBay sellers at Gurgaon and Faridabad business post center will be exclusive for them to send their products through speed post, registered post or any other service they wish to opt for in both the cities," India Post Master General Gurgaon and Faridabad Umesh Verma said in a statement.
Further gains momentum as the industry leader in online real estate
Ola has been aggressively hiring veterans from across sectors to strengthen its core team and operations.
Globally, Black Friday will be celebrated on November 27, but eBay India will offer huge discounts on international products from today, the company said in a statement.