Flipkart is buying eBay India as competition from Amazon heats up

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Flipkart is buying eBay India as competition from Amazon heats up

Flipkart is buying eBay India as competition from Amazon heats up

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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