EBay is to sell its stake in Indian e-commerce firm Flipkart and relaunch its eBay India service. EBay has told Flipkart and Walmart it will sell its holdings, representing gross proceeds of approximately $1.1 billion. It will also terminate its agreements with Flipkart and take away its licence to use the eBay brand. The company will then relaunch eBay India, initially targeting cross-border trade.
EBay is to sell its stake in Indian e-commerce firm Flipkart and relaunch its eBay India service. EBay has told Flipkart and Walmart it will sell its holdings, representing gross proceeds of about $1.1bn. It will also terminate its agreements with Flipkart and take away its licence to use the eBay brand. The company will then relaunch eBay India, initially targeting cross-border trade.