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India’s largest online retailer Flipkart is planning to acquire eBay India’s operations as part of its latest funding round of $2billion, according to a report by Factordaily.
ET had last week reported that talks with eBay are at an advanced stage, and a strategic deal may include Flipkart acquiring or merging their India operations.
eBay had forayed into the Indian market in 2004. The company had also invested in Snapdeal in 2013. ET had earlier reported that eBay held about 6% stake till March 2016 but its shareholding in the Gurgaon-based company has now come down to low single digits.
Earlier this week, Bloomberg reported that Flipkart had raised $1 billion and further aimed to raise as $1 billion in next few months. The round was reportedly closed at a valuation of $10 billion whic declined from Flipkart’s $15.5 billion in 2015. The round was led by Microsoft, EBay Inc. and Tencent Holdings Ltd.
Flipkart has been in advanced talks with multiple investors for fresh capital after talks with American retail giant Walmart for a $1-billion infusion fell through last year. ET had reported in January that Flipkart is in talks to raise about $800 million at a valuation of $10-12 billion.
Flipkart has been struggling to raise funds for the past few months, and this funding round has been critical for the company after losing considerable ground to the US-headquartered Amazon in 2015-16. After the October 2016 sale season, Flipkart in a statement said that its sales momentum was back with it winning back market share in the key smartphone category.
http://tech.economictimes.indiatimes.com/news/internet/flipkart-to-acquire-ebay-india/57796338
ET had last week reported that talks with eBay are at an advanced stage, and a strategic deal may include Flipkart acquiring or merging their India operations.
eBay had forayed into the Indian market in 2004. The company had also invested in Snapdeal in 2013. ET had earlier reported that eBay held about 6% stake till March 2016 but its shareholding in the Gurgaon-based company has now come down to low single digits.
Earlier this week, Bloomberg reported that Flipkart had raised $1 billion and further aimed to raise as $1 billion in next few months. The round was reportedly closed at a valuation of $10 billion whic declined from Flipkart’s $15.5 billion in 2015. The round was led by Microsoft, EBay Inc. and Tencent Holdings Ltd.
Flipkart has been in advanced talks with multiple investors for fresh capital after talks with American retail giant Walmart for a $1-billion infusion fell through last year. ET had reported in January that Flipkart is in talks to raise about $800 million at a valuation of $10-12 billion.
Flipkart has been struggling to raise funds for the past few months, and this funding round has been critical for the company after losing considerable ground to the US-headquartered Amazon in 2015-16. After the October 2016 sale season, Flipkart in a statement said that its sales momentum was back with it winning back market share in the key smartphone category.
http://tech.economictimes.indiatimes.com/news/internet/flipkart-to-acquire-ebay-india/57796338
