Flipkart to acquire eBay India
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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.
Questions & Answers
Q.Which companies participated in Flipkart's recent funding round?
Which companies participated in Flipkart's recent funding round?
eBay, Microsoft, and Tencent Holdings were involved in Flipkart's latest funding round. This investment increased Flipkart's valuation to US$10 billion, a significant jump from its valuation last month.
Q.How will eBay India's operations be affected by this acquisition?
How will eBay India's operations be affected by this acquisition?
Insiders report that eBay India will be integrated into Flipkart following the acquisition. This suggests a merging of their e-commerce operations under the Flipkart umbrella, as per the start-up publication E27.
Q.What was Flipkart's valuation after its most recent funding round?
What was Flipkart's valuation after its most recent funding round?
Flipkart's valuation reached US$10 billion after its latest funding round. This represents a substantial increase from its US$5.39 billion valuation reported just last month, indicating strong investor confidence.
Q.Which company ended Flipkart's five years of market dominance in India?
Which company ended Flipkart's five years of market dominance in India?
Amazon ended Flipkart's five years of market dominance in India. Amazon arrived in the Indian e-commerce market in 2012, initiating a battle for supremacy against Flipkart.
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