End of an era: Flipkart to close eBay.in to make way for a new platform

Flipkart had bought eBay India operations last year. The funding round of $1.4 billion in 2017 saw participants such as Microsoft, Tencent, and eBay where it invested about $500 million in Flipkart and got another $220 million worth of shares from selling its India business to Flipkart. It, however, ended its strategic partnership with Flipkart in May, saying it wanted to relaunch eBay India with a differentiated offering to focus on cross-border trade.

The new platform for used goods by Flipkart is expected to be rolled out next month but will be available to customers only after six months.

eBay entered the Indian market in 2004 and began operations through the acquisition of News Corp-backed Bazee. com, but struggled to make a mark in a market dominated by Flipkart and Amazon India.

The company also picked up a significant stake in Delhi-based online retailer Snapdeal in 2013 and eventually wrote down a $61 million investment in the e-tailer in February this year.