E-commerce giant Flipkart on Tuesday successfully completed the merger with eBay India, PTI reported. Flipkart will now own and operate eBay.in, which will remain an independent entity.
E-commerce platform eBay made a cash investment of $500 million (Rs 3,326 crore approximately) in Flipkart and acquired an equity stake in the firm. The company also sold its eBay.in business to Flipkart.
The announcement comes just a day after Snapdeal called off merger talks with Flipkart. Snapdeal had said it would pursue an independent path to continue its operations instead.
Snapdeal claimed it had madea a gross profit in July and said it was exploring a new direction, called Snapdeal 2.0.
On April 10, Flipkart had announced that it was all set to acquire eBay’s India operations as part of a fund-raising deal worth $1.4 billion (approximately Rs 9,038 crore).