As widely speculated, India's biggest e - commerce website Flipkarthas acquired eBay India. The company announced this on Twitter. Flipkarthas also raised $1. 4 billion from Tencent, eBay & Microsoft.
In exchange for an equity stake in Flipkart, US - based eBay will make a $500 million cash investment and sell its eBay. in business Flipkart.
Flipkartwill own and operate eBay. in business upon close of transaction, which is expected to close by the end of this year.
eBay and Flipkarthave also entered into an exclusive agreement in which they will jointly pursue cross - border trade opportunities.