Flipkart took over eBay’s India operation, as a part to support the company’s financially that offered funds from Microsoft, Tencent, and eBay Global.
But now it seems that Flipkart finally plans to shut down the first International e-commerce website of India, eBay.in.
The Bangalore- based Flipkart announced for the shutting down of eBay.in, as a part of taking control over as a parent company. However, Flipkart is likely to introduce eBay.in India as with collaboration with Flipkart on August 14, 2018.
Kalyan Krishnamurthy, CEO of Flipkart reports in an email to its employees that “Based on our learning at eBay.in, we have built a brand new value platform launching with refurbished goods – a large market which is predominantly unorganized.” However, back in the last month, Flipkart was planning to introduce a new site, which will focus on refurbished goods re-selling.
Krishnamurthy continued that “With Flipkart’s customer base, and FI Info Solutions & Services in our group portfolio, I believe that we can solve the key barriers to refurnished – trust & convince – at scale.”
Long before in 2004, eBay.in entered in India with the support of Bazee.com. However, eBay had to face a lot of competition from Amazon and Flipkart India. Eventually, in the year 2013, eBay picked up its stake against Snapdeal, just before getting down with a $61 million investment last year in Flipkart as a part of financial support.
With the ending of the partnership between Flipkart and eBay.in, eBay is likely to stop transactions from August 14, and finally lost in front of the huge power and finance of Flipkart India.