India: Flipkart Completes eBay India Merger

On Tuesday, e-commerce company, Flipkart, said it has completed its merger with eBay India’s operations.

With this, will now be a Flipkart Group company. The deal was announced in April when the Flipkart group raised US$1.4 billion from global technology majors eBay, Tencent and Microsoft.

The announcement comes a day after smaller rival Snapdeal said it was terminating all discussions of a potential merger. While Snapdeal did not name Flipkart, it had been widely reported that both were negotiating a merger for the last five months.

“Effective immediately, Flipkart will own and operate, which will remain an independent entity as part of Flipkart,” the company said in a statement.

Source: CPI

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