eBay bullish on India sales after unit sale to Flipkart

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eBay is planning to close the sale of its India unit to Flipkart, a deal which saw the US e-commerce giant investing $500 million for a minority stake in the Indian company, early in the third quarter of the 2017 calendar year.

The company says it remains bullish about winning the market through its partnership with India’s largest e-commerce player Flipkart. The deal will give buyers on its platform access to Indian inventory and global sellers access to the growing base of buyers in India that shop online.

“We believe our $500 million investment along with the contribution of our eBay India business, significantly improves our competitive position in a strategically important market,” said Scott Schenkel, CFO at eBay, told analysts in a call. “Upon deal close, we will no longer report active buyer GMV and related financials for eBay India.”
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