California-based eBay has announced that it plans to relaunch eBay India after selling its USD 1.1 billion stake in Flipkart to US retail giant Walmart.
Soon after Walmart announced its decision to acquire 77 per cent stake in domestic retailer Flipkart, the San Jose-headquartered company notified Flipkart and Walmart that it intends to sell its holdings in the Bengaluru-based firm, which will represent gross proceeds of approximately $1.1 billion.
"Following the close of the transaction, we also will be ending our current strategic relationship with Flipkart, which includes unwinding our commercial agreements with Flipkart and terminating Flipkart’s license to use the eBay.in brand," it said in a statement.
"We plan to relaunch eBay India with a differentiated offer to focus initially on the cross-border trade opportunity, which we believe is significant. We believe there is huge growth potential for e-commerce in India and significant opportunity for multiple players to succeed in India’s diverse, domestic market," it added.
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