Fashion
Three days after closing a funding round of US$1 billion, Flipkart is taking steps to acquire eBay India.
Insiders say eBay India will be folded into Flipkart, reports start-up specialist publication E27.
After Flipkart, Amazon, Shopclues, PayTM and Snapdeal, eBay is India’s six-largest e-commerce company.
Flipkart’s latest funding round involved eBay, Microsoft and Tencent Holdings, setting its value at US$10 billion, up from US$5.39 billion last month.
Launched in 2007, Flipkart is battling against Amazon to dominate the e-commerce market in India. Amazon arrived in India in 2012, ending Flipkart’s five years of supremacy.
In 2014, Flipkart raised US$1 billion, a record for an Indian company, from such investors as Accel Partners, Russia’s DST Global and Tiger Global.
