Flipkart to shut eBay in India on August 14

New Delhi: E-commerce major Flipkart will shut down eBay.in next month and launch a new platform for refurbished goods as it attempts to tap into a large market segment that is predominantly unorganised.

Last year, Flipkart had raised $1.4 billion from global technology majors eBay, Tencent and Microsoft. In exchange of an equity stake in Flipkart, eBay had made a cash investment of $500 million and sold eBay.in (India business) to Flipkart.

“Based on our learnings at eBay.in, we have built a brand new value platform launching with refurbished goods – a large market which is predominantly unorganised… As part of this launch, we will be stopping all customer transactions on eBay.in on 14th August, 2018 and transitioning to the new platform,” Flipkart CEO Kalyan Krishnamurthy said.

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