NEW DELHI: Flipkart will close eBay.in, which it had operated a year ago, and eBay is expected to restart soon in India.
Flipkart, based in Bangalore, will launch a new platform to sell refurbished goods, chief executive Kalyan Krishnamurthy said in an email to employees on Monday. "Based on our teachings on eBay.in, we have built a brand new launch platform with refurbished products – a large market that is mostly unorganized," says the email. "With Flipkart's customer base and F1 Info Solutions & Services in our group portfolio, I believe we can address the key barriers to refurbishment – trust and convenience – on a large scale.
In May, eBay said it had decided to end its strategic partnership with Flipkart and to relaunch eBay India with a differentiated offer to focus on cross-border trading. "After the closing of the transaction, we will also terminate our current strategic relationship with Flipkart, which consists of breaking our commercial agreements with Flipkart and terminating Flipkart's license to use the eBay.in trademark," he said. eBay in a statement.
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<p> As part of the launch of the new website for refurbished products, the company will stop all customer transactions on eBay.in Aug. 14 2018 transitioning to the new platform "Our goal will be to ensure that all eBay.in sellers and customers migrate to the new platform over time with a remarkably improved experience," added Krishnamurthy.
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<p> The new platform has a different value proposition than Flipkart and will serve a different target audience. "We are determined to invest in this independent brand," he said.
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<p> Flipkart had bought eBay operations in India last year. The $ 1.4 billion financing cycle in 2017 allowed participants such as Microsoft, Tencent and eBay to invest $ 500 million in Flipkart and sell $ 220 million of shares to Flipkart. .
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<p> eBay entered the Indian market in 2004 and began operations with the acquisition of Bazee, supported by News Corp. com, but struggled to make a mark in a market dominated by Flipkart and Amazon India.
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<p> The company also took an important part in the Delhi-based Snapdeal online retailer in 2013 and eventually wrote a $ 61 million investment in the e-tailer in February of this year.<br />
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