Flipkart is buying eBay India as competition from Amazon heats up
 

Flipkart is buying eBay India as competition from Amazon heats up
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India’s giant ecommerce company Flipkart is stepping up its efforts as competition from Amazon heats up in the nation.*

Flipkart an**unced Monday it has signed an agreement to acquire eBay India.*

SEE ALSO: Softbank reportedly wants to merge India's top online retailers to take on Amazon


As part of the deal, eBay will make a cash investment in Flipkart and hand over its India business to the Bangalore-based company. Neither of the companies shared how much cash investment eBay is making, but Reuters says it’s $500 million.

The an**uncement comes as part of latest round of funding for Flipkart, which saw global giants Tencent, Microsoft and eBay invest $1.4 billion in the company at a valuation of $11.6 billion, it said today. Read more...

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