eBay to relaunch India business following Walmart's purchase of Flipkart

US online retailer eBay has announced plans to relaunch its India business, having sold its previous stake in Indian ecommerce giant Flipkart as part of the $16bn Walmart takeover.

Last year, eBay bought a 5% stake in Flipkart for $500mn as part of an agreement which meant selling its eBay India business to the local tech startup and taking steps to boost cross-border trade.

As eBay no longer owns shares in Flipkart, with Walmart having acquired a 77% stake, the US company will terminate Flipkart’s licence to use the eBay.in brand name, Recode has reported.

See also:

Walmart beats Amazon in bid for Flipkart worth $16bn

Amazon Prime launches in Singapore, takes on Alibaba and Sea

Business Chief, Asia edition – May issue out now!  

In a statement, eBay said: “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 success in India’s diverse, domestic market.”

In other news, the Walmart deal has also led to the US grocer setting aside $500mn to buy back shares from existing and former Flipkart employees. Live Mint reported that this will mark the biggest ESOP buyback in the Indian startup space.


Featured Articles

Twitter timeline – how Musk pulled off a hostile takeover

Elon Musk strikes deal to buy Twitter for US$44bn following four months of cryptic tweets, secret meetings and buying of shares – here’s the timeline

Top 10 Asia restaurants, from Tokyo’s Den to Bangkok’s Sorn

From Tokyo to Bangkok, with cuisines spanning Cantonese, Thai and German, we highlight Asia’s top 10 places to eat, as per Asia’s 50 Best Restaurants

Microsoft: what Asia leaders need to know about hybrid work

Microsoft’s 2022 Work Trend Index guides Asia leaders to navigating a hybrid future – from making the office worth the commute to rebuilding social capital

Meet the company: EV Nio to list in Hong Kong, enter Europe

Leadership & Strategy

12 Tech trends to watch closely in 2022, from CB Insights


Why Deloitte Australia’s HR technology is winning awards

Human Capital