Flipkart-eBay merger approved, effective immediately

Flipkart-eBay merger approved, effective immediately

Flipkart-eBay merger approved, effective immediately

This comes after Flipkart completed the takeover of the India operations of eBay.

Flipkart will own and operate eBay.in, which will remain an independent entity as a part of Flipkart.

In a deal announced in April, Flipkart raised $1.4 billion from global technology majors eBay, Tencent and Microsoft.

Flipkart, India's largest e-commerce marketplace said it will begin offering the global inventory of eBay to Indian consumers while taking the products of thousands of sellers in the country to eBay's customers globally.

The companies will also tap cross-border trade opportunities, thus offering a wide range of global products from Ebay to Flipkart customers. Being an early mover, eBay.in has a unique standing in the Indian e-commerce market, which is a great addition to Flipkart's leadership position.

"I'm delighted to welcome eBay.in, its employees, sellers and partners into the Flipkart family", Flipkart CEO Kalyan Krishnamurthy said in a statement. Rather, with the money from the sale of Freecharge received (USD 50 million), the firm made a decision to sack around 1000 employees out of their present workforce of 1200, and carry forward with the remaining.

However, the founders have postponed the merger for the last two months citing various reasons.

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