Flipkart brings Ebay’s India Operation to a halt & announces to launch a refurbished goods shopping marketplace
Flipkart, the Indian e-commerce giant has finally shut down eBay India. It has stopped to accept new orders from August 14, 2018. The partnership between the two e-commerce companies is coming to an end. This step would bring a drastic change in the online shopping behavior as Flipkart shuts Ebay’s India operation and plans to bring shopping more affordable.
While eBay has closed its India website for taking any new orders, it has set August 30 as the last date for buyers to raise claims for transactions done to date.
The story behind eBay’s selling of holdings
Founded in 1995, eBay, the Californian retailer took its toehold in the Indian market in 2004. eBay continued to struggle to mark its presence in the Indian market which is dominated by Flipkart and Amazon India.
The Bengaluru-based Flipkart in 2017 acquired eBay India’s operations in a $1.4 billion fund-raising deal from several investors, including eBay, which invested $500 million and received $200 million worth stocks in Flipkart. Flipkart used eBay for global outsourcing.
This year, US e-commerce giant Walmart acquired Flipkart for $16 billion around 77 percent stake in the Indian online shopping site. It was the US-based retailer’s biggest ever foreign investment. Following this deal, investors like Naspers and eBay had sold their holdings in Flipkart.
Consequently, California-based eBay had announced that it would sell its stake in Flipkart back to the company for about $1.1 billion. eBay is about to relaunch its business India soon after a yearlong tie-up with Flipkart. The company has planned to relaunch eBay India to focus initially on the cross-border trade opportunity.
Open to new solutions
Flipkart has a wide customer base in India and F1 Info solutions & services in their portfolio. Obviously, it believes to solve the key barriers to refurbish goods. Flipkart can solve the issues of trust and convenience for refurbished goods at a scale.
Meanwhile, they will keep evolving to bring new formats, categories, and features which cater to the needs of the whole sect of value-conscious customers of India.
This goes with the start of a new site for refurbished goods after ending all customer transactions on eBay. The Indian based e-commerce ensures that all the eBay.in sellers and customers migrate to the new platform over time with a significantly enhanced experience.
Let’s see if eBay can struggle as eBay India on its own her in the e-commerce market amidst retailer giants. Similarly, Flipkart acquired by Walmart is about to launch a new platform. Time to watch the e-giants playing their role in India.